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Axis Securities Report
Heidelberg Cement India Ltd. reported Q4 FY22. Revenue growth of 3% YoY but Volume /Ebitda/adjusted profit after tax degrowth of 1%/22%/33% YoY.
However, on a QoQ basis, the company reported volume/ revenue/Ebitda/adjusted profit after tax growth of 9%/14%/73%/208% on account of better volume, higher realization, SGST incentive, and lower interest cost and tax.
Heidelberg Cement reported a volume of 1.23 million tonnes per annum against 1.25 mntpa YoY.
The company reported Ebitda margins of 19.1% (better than our expectation of 18.8%), supported by the higher realisation and government incentives. Ebitda margin declined by 620 bps YoY owing to higher fuel and raw material costs.
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