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Birla Corp Q1 Review - Expansion To Support Decent Growth: Dolat Capital

Birla Corp Q1 Review - Expansion To Support Decent Growth: Dolat Capital

<div class="paragraphs"><p>Premixed concrete is dropped onto metal construction reinforcement bars during manufacture. (Photographer: Martin Leissl/Bloomberg)</p></div>
Premixed concrete is dropped onto metal construction reinforcement bars during manufacture. (Photographer: Martin Leissl/Bloomberg)

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

Birla Corporation Ltd. reported results in line but adjusted profit after tax above estimates.

Birla Corp posted 43.1%/ 47.4%/ 115.2% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 17.5 billion/ Rs 3.4 billion/ Rs 1.4 billion in Q1 FY22 led by up 38.4% YoY growth in volumes coupled with up 0.6% YoY realisation growth (up 1.8% QoQ) to Rs 4,943/ tonne.

We expect 17.2%/ 17.7%/ 18.4% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY21-23E led by 15.3%/ 17.9% volume growth and 2.0%/ 1.0% cement realisation growth in FY22E/ FY23E.

We broadly maintain our estimates for FY22E and FY23E considering Q1 FY22 results.

Click on the attachment to read the full report:

Dolat Capital Birla Corp Q1FY22 Result Update.pdf

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