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Prabhudas Lilladher Report
Heidelberg Cement India Ltd. reported Ebitda below our estimates by 8% due to weaker than expected volumes.
The company's Ebitda/earnings per share grew at a compound annual growth rate of 18%/49% over FY16-FY21, predominantly led by revival in prices post consolidation in the central region.
Ebitda/tonne grew at compound annual growth rate of 17.8% while volumes grew mere 0.2% due to capacity constraints and focus on nearby markets.
Strong prices in the region has attracted meaningful surge in volumes from other regions.
Increased supplies due to inflow from other regions and upcoming new capacities would keep prices under check.
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