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Axis Securities Report
Heidelberg Cement India Ltd.’s Q1 FY23 revenue reported growth of 6% YoY while posting volume/Ebitda/adjusted profit after tax de-growth of 6%/27%/25% YoY.
The company reported a volume of 1.11 million tonnes per annum against 1.28 mtpa YoY. Heidelberg Cement reported Ebitda margins of 16.1% versus 23.6% YoY (lower than our expectation of 17.5%), owing to elevated costs during the quarter.
Ebitda margin declined by 750 basis points YoY owing to higher power/fuel costs which were up 66% on a per tonne basis. Heidelberg Cement reported Ebitda/tonne of Rs 855, down 23% YoY (Q1 FY22 – Rs 1,107/tonne) owing to elevated costs.
Blended realisation/tonne came in at Rs 5,305 against Rs 4,695, up 13%/6% on a YoY/QoQ basis as the company undertook a price hike during the quarter.
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