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Yes Securities Report
Birla Corporation Ltd. reported in-line Ebitda margin of 12%, while strong sequential volume and net sales realisation growth (up 27% and up 2%) translate in revenue beat of up 9% to our estimate to Rs 22.6 billion in Q4 FY22.
For FY22, Birla Corp posted a record volume of 14.2 million tonne (up 6% YoY; our estimate: 14 million tonne) resulting in up 10% revenue growth (up 3% higher than our estimate), however Ebitda decline by 13% YoY as operating cost surged by up 19% YoY in FY22.
Birla Corp's total cement capacity reached to 19.4 million tonnes per annum (up 26%) in FY22 with the commissioning of Mukutban capacity.
We modelled up 23/9% volume growth in FY23/24E backed by capacity addition.
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