Shree Cement Q4 Review - Strong Quarter, Fair Valuation: Dolat Capital
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Dolat Capital Report
Shree Cement Ltd.'s results were above estimates on all fronts except Ebitda/tonne, which was in line.
The company posted 22.2% YoY growth in revenue to Rs 39.3 billion led by 19.0% YoY volume increase to 8.2 million tonne coupled with rise in blended realisation by 2.7% YoY (up 3.6% QoQ) to Rs 4,785/tonne.
Ebitda up 9.1% YoY to Rs 11.8 billion and adjusted profit after tax up 30.5% YoY to Rs 7.7 billion in Q4 FY21.
We expect 11.3%/11.6%/7.4% revenue/Ebitda/adjusted profit after tax compound annual growth rate over FY21-23E led by 10.0%/11.0% volume growth and 0.5%/1.0% blended realisation growth in FY22E/FY23E.
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