BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Birla Corporation Ltd.’s Q2 FY22 result highlights the impact of energy cost inflation, as variable cost of production increased 14% QoQ.
The Ebitda margin declined 7.4% YoY to 15.7% and Ebitda/tonne 30% YoY to Rs 817/tonne.
Volumes remained flat YoY at 3.27 million tonne versus the estimate of 3.39 million tonne.
Birla Corp's ongoing 3.9 million tonnes per annum greenfield expansion at Mukutban (to be commissioned in Q2 FY22) provides volume growth visibility for FY23E/FY24E.
It also completed debottlenecking at the Chanderiya plant, which led to an increase of 0.63 mtpa in clinker capacity.
We raise our FY24E EBITDA estimates by 5%, factoring in better realization and lower costs (considering decline in energy costs)
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