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Dolat Capital Report
Nuvoco Vistas Corporation Ltd. reported volume and revenue in line, however realisation above, whereas Ebitda, Ebitda/tonne and adjusted profit after tax below estimates.
Nuvoco posted up 20.3% YoY (up 8.5% QoQ) growth in revenue to Rs 26.0 billion led by up 12.1% YoY (up 6.5% QoQ) in realisation/ tonne to Rs 5,252 coupled with up 6.4% YoY (up 1.8% QoQ) in volume to 4.5 million tonne. Ebitda up 18.2% YoY to Rs 2.7 billion. Net loss of Rs 756 million (versus net loss Rs 855 million YoY) due to muted operating performance coupled with high depreciation and finance cost.
We expect 12.3%/ 13.6%/ 140.7% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY22- 25E led by 9.8%/ 10.0%/ 8.2% volume growth and 7.4%/ 0.0%/ 0.0% cement realisation growth in FY23E/ FY24E/ FY25E.
We broadly maintain our revenue estimates, however decrease our Ebitda estimates by 6.6%/ 6.0%/4.4% for FY23E/ FY24E/ FY25E factoring higher opex. Accordingly, we decrease our adjusted profit after tax estimates to -Rs 616 million (versus Rs 188 million adjusted profit after tax) in FY23E and by 21%/ 10.6% for FY24E/ FY25E.
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