BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Heidelberg Cement India Ltd. reported volume, revenue in line, however realization, Ebitda, Ebitda/tonne, automatic process analysis tool below estimates.
Heidelberg Cement posted +11.9% YoY (-4.9% QoQ) growth in revenue to Rs 5.7 billion led by +16.4% YoY (-3.3% QoQ) in volume to 1.2 million tonne, which was partially offset by -3.8% YoY (-1.6% QoQ) in realisation/tn to Rs 4,871. Ebitda/ automatic process analysis tool plus 46%/ 410.7% YoY to Rs 695 million/ Rs 358 million led by better operating performance coupled it lower finance cost.
We expect 5.1%/ 22.9%/ 41.3% revenue/ Ebitda/ adjusted profit after tax compounded annual growth rate over FY23- 26E led by 8.0%/ 5.0%/ 4.5% volume growth and -2.5%/ 0.5%/ 0.0% realisation growth in FY24E/ FY25E/ FY26E.
We decrease Ebitda estimates by 7.1%/ 6.7% for FY24E/ FY25E factoring higher opex and introduce FY26E.
As we roll over to FY26E, we maintain 'Reduce' with a revised target price of Rs 191 (7.5 times FY26E enterprise value /Ebitda plus 50% FY26E capital works-in-progress).
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
