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.
Prabhudas Lilladher Report
Ebitda of our cement coverage universe is expected to fall by 2% YoY due to margin contraction.
Volumes would grow by 4% YoY on back of growth across the regions except East.
Realisations are expected to increase by 3.5% YoY/Rs 165/tonne (down 1.7% QoQ/Rs 90/tonne).
Impacted by steep increase in coal, packaging and freight cost, cost/tonne is expected to increase by 8.7% YoY/Rs 325/tonne (up 4% QoQ/Rs 155/tonne) which would result in contraction of Ebitda/tonne by 6% YoY at Rs 1,195.
We believe cement stocks will remain under pressure in the near term given the -
slow pace of price hikes,
unabated rise in coal cost and
high earnings base.
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