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Shree Cement - Sustaining industry-leading margins - ICICI Securities
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Shree Cement - Consistent in sustaining growth and profitability - ICICI Securities
Posted On: 2021-01-31 23:47:01 (Time Zone: Arizona, USA)
Shree Cement s (SRCM) Q3FY21 standalone EBITDA of Rs10.9bn (up 28% YoY) was better than our/ consensus estimates owing to higher realisation and lower cost. Blended realisation stood flat QoQ (+1.3% YoY) vs our estimate of 2% QoQ decline, while blended cost/te declined 3% YoY (flat QoQ). Volumes increased 15% YoY to 7.2mnte, in-line with estimates. Accordingly, blended EBITDA/te increased 12% YoY (flat QoQ) to Rs1,520/te (I-Sec: Rs1,391/te). SRCM s consistent track record of market share gains, coupled with industry-leading margins, justify its premium valuation, in our view. We broadly maintain our FY22E-FY23E EBITDA with target price unchanged at Rs28,000/sh based on 17x Sep 22E EV/E. Maintain BUY. Valuation at 14.8x FY22E EV/E and 12.4xFY23E EV/E is attractive, in our view. Key risks: Lower-than-expected demand/ pricing and any regul