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Dolat Capital Report
Star Cement Ltd. reported beat on all front except realisation in line.
The company posted 24.3% YoY growth in revenue to Rs 7.5 billion led by 26.5% YoY increase in volume (up 31.8% QoQ) which was partially offset by down 1.7% YoY realization to Rs 6,504 (up 2.4% QoQ).
Ebitda/adjusted profit after tax reported up 8.6% /up 8.7% YoY to Rs 1.1 billion/ Rs 884 million.
We expect 13.0%/ 17.2%/ 3.2% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY22-24E led by 13.0%/ 10.0% volume growth and 2.2% / 0.5% realisation growth in FY23E/ FY24E.
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 mtpa which will support additional volume growth and reduce its cost of sales for outside north east region.
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