Star Cement Q4 Review - Normalcy To Be Restored; New Capacities Key Driver: Centrum Broking
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Centrum Broking Report
Star Cement Ltd.'s Q4 FY21 performance was impacted by logistic issues that inflated the cost structure.
This was partially offset by realisation gains as volume growth was muted.
Effectively, the revenues grew only 10% YoY to ~Rs 6 billion.
Ebitda was lower 16% YoY at Rs 1.0 billion as logistic cost and raw material expenses were strongly impacted as overload restrictions continued following the connecting bridge (from Meghalaya to Shillong) was damaged.
Ebitda/tonne was down by ~ 19%/5% YoY/QoQ to Rs 1,152/tonne and Ebitda margins fell to ~17.3% in Q4 FY21.
Adjusted profit of Rs 853 million was flat YoY due to tax adjustments in Q4 FY20.
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