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ICICI Direct Report
Mangalam Cement Ltd. is a north based player with cement capacity of 4.0 million tonne having plants in Morak (Rajasthan) and Aligarh (Uttar Pradesh).
The company markets and sells cement under the brand name Birla Uttam Cement.
The key markets include UP, Rajasthan and Madhya Pradesh having revenue share of ~45:30:25, respectively.
In Q1 FY22 Mangalam Cement surprised positively on the margin front leading to 9.7% growth in profit despite 13.5% QoQ drop in revenues.
Reported revenue of Rs 355.5 crore, down 13.5% QoQ, led by sales volumes de-growth of 15.6% to 0.76 million tonne.
On a year-on-year basis, revenues were up 57.1%.
Ebitda/tonne was up 24.4% q-o-q to Rs 1,084/tonne (versus last quarter Ebitda/tonne of Rs 871/tonne).
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