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HDFC Securities Report
Star Cement Ltd. reported 37/42/49% YoY consolidated revenue/ Ebitda/ adjusted profit after tax decline to Rs 2.92/0.65/0.43 billion respectively.
Total sales volume fell 38/49% YoY/QoQ to 0.45 million metric tonne, which is due to significant sales loss in April and early May.
However, Star Cement registered volume growth in June, despite Covid-19 impact. Net sales realisation firmed up 6% QoQ (up 5% YoY), aided by price hikes and lower clinker sales in Q1.
Pent-up demand execution and upcoming Siliguri grinding units should accelerate volume growth hereon.
Further, the upcoming e-auction of local coal should aid fuel cost reduction. We estimate 15% Ebitda compound annual growth rate during FY20-23E.
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