Cement Sector Q4 Results Review - Volumes Shall Continue To Drive FY23-25E Earnings Recovery: Dolat Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Dolat Capital Report.Our universe (13 stocks) reported revenue of Rs 510.6 billion in Q4 FY23, +15.2% YoY (+16.1% QoQ) led by +11.4% YoY in volume to 90.8 million tonne (+16.8% QoQ) coupled with +3.4% YoY (-0.6% QoQ) in blended realisation/tn to Rs 5,624. Ebitda +0.1% YoY/ +34.4% QoQ to Rs 81.0 billion and blended Ebitda/tonne -10.1% YoY/ +15.1% QoQ to Rs 893 led by +6.5% YoY/ -3.1% QOQ in blended cost/tonne to Rs 4,731 which was partially offset by +3.4% YoY/ -0.6 QoQ in blended realisation to Rs 5,624. Accordingly, adjusted profit after tax witnessed de-growth of 4.9% YoY to Rs 37.7 billion (+67.5% QoQ) in Q4 FY23. On YoY basis, all companies reported revenue growth in Q4 FY23 (except Heidelberg Cement India Ltd. and Nuvoco Vista Corporation Ltd.) with The Ramco Cements Ltd. reporting highest growth of 50.3% and Heidelberg Cement lowest growth of -2.9%. All companies (except Heidelberg Cement and Nuvoco Vista) reported growth with Ramco Cements highest (+45.5%) and Nuvoco Vista lowest (-5.3%). All companies reported growth with JK Lakshmi Cement Ltd. highest (+13.1%) and Ambuja Cement Ltd. lowest (+0.2%). Ebitda/tonne – all companies reported de-growth (except Star Cement Ltd.) with Sagar Cements Ltd. witnessing highest (-47.1%) and Stat Cement lowest (+36.8%)..Click on the attachment to read the full report:.Q4 FY23 Results Review — Financials Reprise Role, Auto Shines: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Cement Sector Q4 Results Review - Volumes Shall Continue To Drive FY23-25E Earnings Recovery: Dolat Capital

Cement players felt cost pressure in FY22 and H1 FY23, which start softening from Q3FY23 and expect to continue.

Choose a plan