Cement Sector Q3 FY21 Results Review: Dolat Capital
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Dolat Capital Report
Our coverage universe of 10 stocks reported revenue of Rs 327.4 billion in Q3 FY21, a growth of 13.5% Year on Year (+16.0% Quarter on Quarter) led by blended volume growth of 9.2% YoY (+17.4% QoQ) to 65.6 million tonne coupled with increase in blended realisation by 3.9% YoY (-1.2% QoQ) to Rs 4,989/ tonne.
Ebitda increased 42.1% YoY (+6.1% QoQ) to Rs77.0 bn and blended Ebitda/tonne increased 30.1% YoY (-9.6% QoQ) to Rs 1173 led by blended realisation growth of 3.9% YoY (-1.2% QoQ) to Rs 4,989/tonne coupled with fall in blended cost/tonne by 2.1% YoY (+1.7% QoQ) to Rs 3,816/ tonne.
APAT witnessed growth of 97.5% YoY (+13.6% QoQ) to Rs 40.3 billion in Q3 FY21.
For 9M FY21, DART universe reported growth of -4.2%/ +12.9%/ +44.5% in revenue/ Ebitda/APAT with 377 basis points expansion in Ebitda margin to 24.9%.
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