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Motilal Oswal Report
The India Cements Ltd.'s revenue / Ebitda/ adjusted profit after tax was up 35%/4%/121% YoY to Rs 10.2 billion/Rs 1.6 billion/ Rs 0.4 billion, but missed our estimate by 10%/18%/29%.
Volumes grew 36% YoY to 1.95 million tonne, but missed our estimate by 10% on weak demand in South.
This was attributable to the more pronounced impact of the second Covid-19 wave in South versus other regions, partially offset by higher selling in East and Maharashtra.
Blended realisation came in flat at Rs 5,257/tonne.
On the other hand, India Cements' cost per ton was up 5% YoY to Rs 4,424/tonne due to higher fuel and freight costs as well as higher sales in the faraway markets of East and Maharashtra.
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