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Dolat Capital Report
Sagar Cements Ltd. reported revenue, volume and realisation in line but Ebitda, Ebitda/tonne and adjusted profit after tax below estimates.
The company posted muted set of numbers with up 13.2%/ down 42.0%/ down 58.1% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 3.7 billion/ Rs 608 million/ Rs 211 million led by up 18.1%/ down 4.2% YoY growth in volume/ realisation (down 3.1% QoQ).
We expect 16.0%/ 7.1%/ 4.3% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY21-24E led by 15.6%/ 41.9%/ 7.8% volume growth and 3.0%/ down 1.2%/ 0.5% realisation growth in FY22E/ FY23E/ FY24E.
We broadly maintain our estimates for FY22E and FY23E and introduce FY24E.
We like Sagar Cements for its continuous efforts to expand its capacity combined with diversify its revenue and one of the lowest cost producer led by various cost rationalising measures.
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