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Motilal Oswal Report
The India Cements Ltd.’s Q1 FY23 result was significantly below our estimate with Ebitda at Rs 308 million (our estimate: Rs 618 million) and Ebitda/tonne at Rs 115 (our estimate: Rs 250), the second lowest in the last 15 years.
India Cements reported a net loss (adjusted for deferred tax liabilities reversal) of Rs 720 million (our estimate: net loss of Rs 280 million).
We cut our FY23E Ebitda by 19% due to significant cost pressures, but keep our FY24 estimates largely intact.
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