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Prabhudas Lilladher Report
Heidelberg Cement India Ltd. reported Q1 FY22 Ebitda above our estimates by 5% due to higher volumes.
Contrary to expansion in margins reported by peers, Heidelberg Cement’s margins fell 15% y-o-y/0.5% q-o-q.
The company’s Ebitda/earnings per share grew at a compound annual growth rate of 18%/49% over FY16-FY21, predominantly led by revival in prices post consolidation in the central region.
Ebitda/tonne grew at CAGR of 17.8% while volumes grew mere 0.2% due to capacity constraints and focus on nearby markets.
Strong prices in the region have attracted meaningful surge in volumes from other regions. Increased supplies due to inflow from other regions and upcoming new capacities would keep prices under check.
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