India Cements Q4 Review - Deleveraging To Continue In Absence Of Capex: Motilal Oswal
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Motilal Oswal Report
India Cements Ltd.’s Q4 FY21 Ebitda came in 4% below estimate due to higher costs.
This was partly attributable to higher selling in the faraway markets of East and Central, which offset weaker demand in South – the company’s core market.
Capacity utilisation stood at just 57% in FY21.
Net debt declined 15% YoY to Rs 30.0 billion in FY21 as the company repaid Rs 5.3 billion worth of debt on strong operating cash flow and negligible capex.
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