Cement Q1 Results Preview - Another Strong Quarter: Prabhudas Lilladher
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Prabhudas Lilladher Report
Led by negative base of 28%, cement volumes of our coverage universe are expected to grow 43% YoY.
Ebitda would grow 46% YoY, largely led by volume growth. Ebitda/tonne is expected to expand by 2% YoY at Rs 1,320 on back of operating leverage and higher prices, despite increase in fuel and freight cost.
Underpinned by improved outlook on demand and strong pricing power, we reiterate our positive view on the sector. Against street’s expectation of contraction in margins, we believe that sector will sustain margins at elevated levels in FY22 on back of price hikes.
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