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ICICI Securities Report
Heidelberg Cement India Ltd.’s Q1 FY23 Ebitda of Rs 950 million (down 27.5% YoY) was below our / consensus estimates owing to lower-than-expected volumes.
Volumes declined 10% QoQ and 6% YoY as company attempts to pass-on substantial (10% QoQ and 24% YoY) cost increases via realisation growth of 10% QoQ and 13% YoY.
Ebitda/tonne declined 23% YoY but rose 8% QoQ to Rs 855/tonne (our estimate: Rs 876/tonne).
Central region – key market for Heidelberg Cement – is likely to see 20% capacity additions (13-14 million tonnee) over FY23-24 which may put pressure on the company’s near term volumes / profitability, in our view.
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