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ICICI Securities Report
Nuvoco Vistas Corporation Ltd.'s Q1 FY23 Ebitda at Rs 3.6 billion (down 30% YoY) was in line with our / consensus estimates. Total cost/tonne increased 22%/8% YoY/QoQ against 8%/7% YoY/QoQ rise in blended realisation YoY.
This resulted in Ebitda/tonne falling 37% YoY while remaining flat QoQ at Rs 773/tonne (our estimate: Rs 756/tonne). Volumes were up 11% YoY as East and North saw double-digit YoY growth.
While higher fuel prices are likely to impact profitability in Q2 FY23, we believe cost synergies from Emami Cement acquisition, higher premiumisation, improved cost efficiencies and likely lower fuel prices may drive Nuvoco Vistas' Ebitda/tonne back to more than Rs 1,000/tonne by FY24E.
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