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Axis Securities Report
Birla Corporation Ltd,'s overall performance was impacted owing to higher costs in FY23. Moreover, its operating performance is set to improve on account of-
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several cost rationalisation initiatives underway,
encouraging demand traction emerging from the government expenditures on various infrastructure schemes,
a strong position in the demand-accretive central region,
ramp up of Mukutban capacity, and
higher sale of premium products.
Against this backdrop, we expect the company to register revenue/Ebitda/adjusted profit after tax compound annual growth rate of 12%/15%/23% over FY22-FY25E.
The stock is currently trading at nine times and seven times FY24E and FY25E enterprise value/Ebitda and EV/tonne of $78 and $75 respectively.
We maintain our 'Buy' recommendation on the stock and value the company at eight times FY25E EV/Ebitda to arrive at a target price of Rs 1,400/ share. The target price implies an upside of 12% from the current market price.
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