Motilal Oswal: India Cements Q2 Review - A Beneficiary Of South Production Discipline
A worker carries a sack of cement under a conveyor in a warehouse (Photographer: Udit Kulshrestha/Bloomberg)  

Motilal Oswal: India Cements Q2 Review - A Beneficiary Of South Production Discipline

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Motilal Oswal Report

The India Cements Ltd.’s Q2 FY21 results highlight the benefit of high cement prices in South India, which led to the highest Ebitda/tonne since FY14 - at Rs 1,114/tonne (up 102% YoY).

Volumes, however, declined 21% YoY due to weak cement demand in South India and market share loss.

We raise our FY21/FY22E earnings per share by 28%/2%, factoring in a strong realization outlook on the back of a strong production discipline in South.

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Motilal Oswal India Cements Q2FY21 Results Update.pdf

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