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Anand Rathi Report
With May 2021 hurt by the Covid-19 second-wave lockdown, Mangalam Cement Ltd.'s volumes fell 18% QoQ, but YoY grew a robust 61% on the low base and greater demand in June 2021.
More non-trade sales led to realisations/tonne declining 2.4% YoY (though QoQ, up 5.4% on price hikes).
With de-bottlenecking complete and the flyash issue at Aligarh resolved, we expect cement volumes/revenue to register 11%/14% compound annual growth rates over FY21-23.
Various cost-optimisation steps and inventory adjustment helped Mangalam Cement contain cost amid the higher cost context.
Ebitda grew 77% YoY to Rs 823 million, ahead of our estimate, and Ebitda/tonne to Rs 1,076, up 10% YoY.
With no major capex left, de-levering is on the cards.
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