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Dolat Capital Report
Shree Cement Ltd. reported realisation above estimates, however revenue, volume, Ebitda, Ebitda/tonne and adjusted profit after tax below estimates.
The company posted 7.3% YoY growth in revenue to Rs 35.5 billion led by 17.4% YoY (up 6.8% QoQ) increase in realisation to Rs 5,422/tonne offset by decline in volume by 8.6% YoY to 6.55 million tonne.
Ebitda down 24.2% YoY to Rs 8.3 billion and adjusted profit after tax down 21.4% YoY to Rs 4.9 billion in Q3 FY22.
We expect 13.5%/ 10.3%/ 9.7% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY21-24E led by 4.2%/ 12.3%/ 12.3% volume growth and 9.5%/ 0.5%/ 1.0% blended realisation growth in FY22E/ FY23E/ FY24E.
We believe Shree Cement is on the right track by adding capacity at regular intervals to improve its dominance on the market.
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