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Dolat Capital Report
Heidelberg Cement Ltd. reported revenue and volume above estimates; however, Ebitda, adjusted profit after tax and Ebitda/tonne in line.
The company posted muted numbers with up 12.2%/ down 7.5%/ down 4.6% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 5.8 billion/ Rs 1.2 billion/ Rs 596 million led by up 11.1%/ up 1.0% YoY growth in volume/ realisation (down 0.3% QoQ).
We expect 11.6%/ 9.7%/ 6.6% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY21-24E led by 16.0%/ 8.0%/ 6.0% volume growth and 2.2%/ 1.4%/ 1.0% realisation growth in FY22E/ FY23E/ FY24E.
Heidelberg Cement has built a strong retail franchise in the lucrative central region and has been improving its operating efficiencies.
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