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Motilal Oswal Report
Shree Cement Ltd.'s Q4 FY21 result was in-line, with Ebitda up just 9% YoY – as higher realisation was offset by disappointment on cost, leading to weaker Ebitda/tonne of Rs 1,433 (down 8% YoY).
Volume growth at 19% YoY, weighed by lower clinker sales, was also weaker than peers.
The company announced dividend of Rs 60/share (lower than Rs 110/share in FY20, including a special dividend of Rs 40/share).
We broadly maintain our FY22/FY23E estimates and expect volumes/Ebitda to post a 12%/15% compound annual growth rate over FY21–23E.
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