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Dolat Capital Report
Star Cement Ltd. reported revenue, Ebitda and adjusted profit after tax above estimates however volume, realisation and Ebitda/tonne broadly in line.
The company posted good set of numbers with up 75.1%/ up 41.9%/ up 54.0% YoY in revenue/ Ebitda/ adjusted profit after tax to Rs 5.1 billion/ Rs 927 million/ Rs 680 million led by up 65.6%/ up 5.7% YoY growth in volume/ realisation (up 1.7% QoQ).
We broadly maintain our FY22E/ FY23E estimates after factoring Q1 FY22 results.
With commencement of its two million tonnes per annum cement grinding capacity at Siliguri, West Bengal in January 2021, Star Cement's total cement grinding capacity increased by 32.6% to 5.7 million tonnes per annum which will support additional volume growth and reduce its cost of sales for outside north east region.
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