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Axis Securities Report
Birla Corporation Ltd. reported volume/revenue growth of 17%/26% YoY (above expectation) owing to better demand, new capacity being commercialised, and higher realisations during the quarter.
The company reported a volume of 3.93 million tonne per annum, 1% above our expectation of 3.90 mtpa. The capacity utilisation during the quarter stood at 88% and the blended realisation came in at Rs 5,344/tonne, up 8% YoY.
Birla Corp reported a blended Ebitda/tonne of Rs 660 (Rs 1028/tonne in Q1 FY22), down 36% YoY owing to the elevated costs. The cost/tonne on a YoY basis increased by 18% to Rs 4,948. The company reported an Ebitda margin of 11.8% (below expectations) against 19.7% YoY.
The adjusted profit after tax declined by 61% (below expectation) owing to elevated costs and an exceptional item of Rs 12 crore. Furthermore, the start-up cost had a major impact on overall profitability, which was broadly in line with the management's internal projections.
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