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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