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Dolat Capital Report
Birla Corporation Ltd. reported results below estimates except realisation in line.
Birla Corp posted up 2.6%/ down 30.2%/ down 48.7% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 17.0 billion/ Rs 2.7 billion/ Rs 856 million in Q2 FY22 led by led by 61.6%/ 9.8% YoY/ QoQ increase in Jute revenue.
Cement volume/ realisation remained flat at 3.27 million tonne (down 2.4% QoQ) / Rs 4,878/tonne.
We expect 13.6%/ 9.7%/ 7.1% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY21-24E led by 15.1%/ 17.9%/ 19.3% volume growth and 2.0%/ 1.0%/ 0.5% cement realisation growth in FY22E/ FY23E/ FY24E.
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