India Cements Q4 Review - Leverage Remains High: ICICI Securities
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ICICI Securities Report
India Cements Ltd.’s Q4 FY21 Ebitda at Rs 2.1 billion (up 1.5 times YoY) was broadly inline with consensus estimates.
Cement realisation (including ready mix concrete) remained flat QoQ, while total cost/tonne was up 5% QoQ resulting in Ebitda/tonne declining 21% QoQ to Rs 701/tonne.
Net debt declined Rs 5.6 billion in FY21 to Rs 30 billion.
High ‘net debt to Ebitda’ ratio at more than three times with higher exposure to volatile prices in South market remains our key concern.
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