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Centrum Broking Report
Heidelberg Cement India Ltd. Q1 FY21 performance was driven by realisations as volumes declined 32% YoY due to countrywide lockdown. The presence in best cement region helped restrict the revenue decline at approximately 30% to Rs 4.06 billion as realisations gained 2.4% YoY.
Additionally, better cost (energy) controls measures helped to cap cost inflation at 2%. Effectively Heidelberg Cement maintained Ebitda margins at 26% as Ebitda fall was 32% YoY to Rs1.08 billion.
With no surprises in depreciation and interest expenses, adjusted profit after tax fell 38% YoY to Rs 489 million.
Heidelberg Cement's focus on retail segment (89% trade sales in Central India) and preference towards pricing gains over volume will help it to maintain Ebitda margins approximately 23%24%.
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