Cement Sector Q4 Preview - Higher Volumes To Drive Earnings Growth: Prabhudas Lilladher
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Prabhudas Lilladher Report
We expect Ebitda of our coverage universe to grow by 35% YoY, largely led by volume growth.
Volumes are expected to grow sharply by 25% YoY on the back of negative base last year due to imposition of lockdown.
Ebitda/tonne is expected to expand by 9% YoY at Rs 1,120 on back of operating leverage and higher prices.
We reiterate our positive view on the sector in wake of strong demand outlook across the consuming sectors.
Led by sound pricing power and peaked out costs, we believe that sector would be able to maintain margins at elevated levels of FY21.
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