India Cements Q4 Review - Leverage Remains High: ICICI Securities

People load sacks of cement onto a truck outside a warehouse in the Chitpur area of Kolkata, India. (Photographer: Arko Datto/Bloomberg)

India Cements Q4 Review - Leverage Remains High: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Securities India Cements Q4FY21 Result Update.pdf


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