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ICICI Securities Report
ICICI Securities continue to maintain their positive stance for CY21 as they expect consensus earnings upgrade to continue.
Industry average Ebitda/te grew 25% YoY in FY20, which further rose 20% YoY to >Rs1,250/te in H1 FY21.
With improving volumes/prices, investors are likely to get more convinced about the sustainability of these profitability.
Consensus FY21E/FY22E Ebitda has been upgraded by 25%/15% during H2 CY20; ICICI Securities' estimates are ~10% ahead of consensus.
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