Mangalam Cement - Value Play In Cement Space: ICICI Direct
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 Direct Report
Mangalam Cement Ltd. is a north based player with cement capacity of 4.0 million tonne having plants in Morak (Rajasthan) and Aligarh (Uttar Pradesh).
The company markets and sells cement under the brand name Birla Uttam Cement.
The key markets include UP, Rajasthan and Madhya Pradesh having revenue share of ~45:30:25, respectively.
In Q1 FY22 Mangalam Cement surprised positively on the margin front leading to 9.7% growth in profit despite 13.5% QoQ drop in revenues.
Reported revenue of Rs 355.5 crore, down 13.5% QoQ, led by sales volumes de-growth of 15.6% to 0.76 million tonne.
On a year-on-year basis, revenues were up 57.1%.
Ebitda/tonne was up 24.4% q-o-q to Rs 1,084/tonne (versus last quarter Ebitda/tonne of Rs 871/tonne).
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.