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.
Dolat Capital Report
Shree Cement Ltd.'s results were above estimates on all fronts except Ebitda/tonne, which was in line.
The company posted 22.2% YoY growth in revenue to Rs 39.3 billion led by 19.0% YoY volume increase to 8.2 million tonne coupled with rise in blended realisation by 2.7% YoY (up 3.6% QoQ) to Rs 4,785/tonne.
Ebitda up 9.1% YoY to Rs 11.8 billion and adjusted profit after tax up 30.5% YoY to Rs 7.7 billion in Q4 FY21.
We expect 11.3%/11.6%/7.4% revenue/Ebitda/adjusted profit after tax compound annual growth rate over FY21-23E led by 10.0%/11.0% volume growth and 0.5%/1.0% blended realisation growth in FY22E/FY23E.
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