Star Cement Q4 Review - Recent Capacity Expansion To Drive Growth: Dolat Capital

Limestone rock used in the manufacture of cement passes along a conveyor belt (Photographer: Kevin Sutherland/Bloomberg)

Star Cement Q4 Review - Recent Capacity Expansion To Drive Growth: Dolat Capital

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Dolat Capital Report

Star Cement Ltd. reported results broadly in line however, realisation and profit after tax above estimates.

The company posted muted set of numbers with up 9.8%/ down 15.7%/ down 0.6% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 6.0 billion/ Rs 1.0 billion/ Rs 853 million led by up 3.7%/ up 6.0% YoY growth in volume/ realisation (up 8.5% QoQ).

We expect 17.9%/ 22.8%/ 36.0% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY21-23E led by 26.0%/ 12.0% volume growth and down 1.0%/ down 0.5% realisation de-growth in FY22E/ FY23E.

Click on the attachment to read the full report:

Dolat Capital Star Cement Q4FY21 Result Update.pdf


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