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Anand Rathi Report
On its Q1 FY21 sales volumes dropping 32% YoY, Heidelberg Cement India Ltd.'s revenue/ Ebitda/profit after tax fell 30%/29%/38% YoY.
Ebitda/tonne rose 4% YoY to Rs 1,247, however, on firm realisations and cost optimisation. The net debt-free balance sheet continues.
The higher volume dumping from neighbouring states (Rajasthan/East) will continue to keep prices in check. The company continues to operate with negative working capital.On June 30, 2020, it had a net cash balance of Rs 1.6 billion. Management said it would look at greenfield expansions.
Regulatory hiccups (maximum promoter shareholding and mine transfer) have postponed the Zuari merger.
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