BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Shree Cement Ltd.’s Q4 FY21 result was in-line, with Ebitda up just 9% YoY – as higher realisation was offset by disappointment on cost, leading to weaker Ebitda/tonne of Rs 1,433 (down 8% YoY).
Volume growth at 19% YoY, weighed by lower clinker sales, was also weaker than peers.
The company announced dividend of Rs 60/share (lower than Rs 110/share in FY20, including a special dividend of Rs 40/share).
We broadly maintain our FY22/FY23E estimates and expect volumes/Ebitda to post a 12%/15% compound annual growth rate over FY21–23E.
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