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Centrum Broking Report
Heidelberg Cement India Ltd. reported better than expected Ebitda of Rs 1.17 billion (CentrumE: Rs 1.02 billion), down 11% quarter-on-quarter / 8% year-on-year.
Ebitda/t, at Rs 946, was down 15% quarter-on-quarter / 17% year-on-year.
This was primarily due to higher than expected volume growth and lower dip in realisation.
On a quarter-on-quarter basis, HEIM recorded 4% volume growth in a seasonally weak quarter coupled with marginal drop in realization (lower than 1.5-2% quarter-on-quarter decline for the industry).
HEIM’s earnings were hit by higher power & fuel cost, which was up 13.5% quarter-on-quarter.
As a result, Ebitda fell 11% quarter-on-quarter (7.5% year-on-year) to Rs 1.17 billion and Ebitda/t fell 15% quarter-on-quarter / 17% year-on-year to Rs 946.
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