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Centrum Broking Report
Star Cement Ltd. reported lower-than-expected Ebitda of Rs 675 million (our estimate: Rs 870 million) due to lower-than-expected realisation and higher cost of operating.
Overall Ebitda fall was restricted (down 6% QoQ/20% YoY) due to higher volume (up 41% QoQ/23% YoY to 874 kilo tonne) which was due to ramp up of Siligurhi plant.
Overall operating cost, at Rs 5,576/tonne, was up 3% QoQ, which was due to higher raw material and freight cost. Ebitda/tonne, at Rs 772, was down 33% QoQ.
Star Cement has been trying to take price hikes to offset the cost increase and expect profitability to improve in subsequent quarter.
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