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Dolat Capital Report
Birla Corporation Ltd. reported results in line but adjusted profit after tax above estimates.
Birla Corp posted 43.1%/ 47.4%/ 115.2% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 17.5 billion/ Rs 3.4 billion/ Rs 1.4 billion in Q1 FY22 led by up 38.4% YoY growth in volumes coupled with up 0.6% YoY realisation growth (up 1.8% QoQ) to Rs 4,943/ tonne.
We expect 17.2%/ 17.7%/ 18.4% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY21-23E led by 15.3%/ 17.9% volume growth and 2.0%/ 1.0% cement realisation growth in FY22E/ FY23E.
We broadly maintain our estimates for FY22E and FY23E considering Q1 FY22 results.
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