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Sagar Cements reported an in-line performance in Q1FY25, with EBITDA increasing 53% YoY/declining 32% QoQ to Rs467mn (Emkay est: Rs446mn). On a sequential basis, EBITDA/t fell by Rs66 to Rs356 as realizations dipped by Rs222 QoQ. Volume growth was steady at 9% YoY, to 1.28mt (in line with estimates). The management maintained volume guidance of 6.5mt, with FY25 EBITDA/t ranging at Rs540-575, which looks challenging in our view. Net debt increased by Rs1.2bn sequentially to Rs13bn, as of Jun-2...
Add Sagar Cements Ltd For Target Rs. 250 By Emkay Global Financial Services
Weak quarter; leverage to remain elevated Sagar Cements’ EBITDA came in 10-12% below our/consensus estimates in Q4FY24, mainly attributable to weak realizations. EBITDA declined 22% QoQ (up 75% YoY) to Rs681mn (Emkay estimate: Rs745mn). On a sequential basis, EBITDA/t fell by Rs197 to Rs422 as realizations dipped by Rs365 QoQ. Volume growth remained steady at 19% YoY to 1.6mt (in line with estimates), mainly led by ramping up of new capacities in Jeerabad and Andhra Cements. Manageme...
ADD Sagar Cements Ltd For Target Rs. 250 By Emkay Global Financial Services
Healthy volumes and lower input prices aid margins. Sagar Cements Limited (SCL), established in 1985, is a south India based cement manufacturer with a capacity of ~10.6MT (South-8.1MT, Central1MT, East-1.5MT). SCL has a total captive power capacity of 96.96MW. * We maintain our BUY rating with a target price of Rs 258, factoring in healthy volume and margins. * Q4FY24 revenue grew by 14%YoY, aided by healthy volume improvement (19%YoY). However, realization dropped by 4%YoY. * Lo...
Buy Sagar Cements Ltd. For Target Rs.258 - Geojit Financial Services Ltd
Sagar Cements’ EBITDA came in 10-15% below our/consensus estimates in Q3FY24. On a favorable base, EBITDA grew 83% YoY/45% QoQ to Rs871mn (Emkay estimate: Rs980mn). On a sequential basis, EBITDA/t improved by Rs160/t to Rs619 mainly driven by a sharp increase in realization (up Rs286/t QoQ) to Rs4,757/t. However, higher-than-expected input costs led to a miss in our estimates. Volume grew 14% YoY (in-line with estimates) to 1.4mt in Q3FY24 mainly led by ramping up of new capacities in J...
Buy Sagar Cements Ltd For Target Rs.300 - Emkay Global
Operating leverage a catalyst for turnaround Result Synopsis Sagar Cements (SGC) reported double-digit growth for revenue +16% y/y and EBITDA 83% y/y aided by +14% y/y volume and +2% y/y NSR growth coupled with eased total cost of 3% y/y in Q3FY24. EBITDA missed by 21% translating to Rs619/te (v/s YSECe Rs750/te) as power cost/te reduced lesser than our expectation. SGC continued to report net loss of Rs77mn in Q3FY24 v/s Rs220mn in Q3FY23 due to higher depreciation and interest outgo. ...
Buy Sagar Cements Ltd For Target Rs.323 By Yes Securities
Ramp up in capacities and price hike to aid margins Sagar Cements Limited (SCL), established in 1985, is a south India based cement manufacturer with a capacity of ~10.5MT (South-8.1MT, Central1MT, East-1.5MT). SCL has a total captive power capacity of 66.85MW • We maintain our Accumulate rating with a target price of Rs. 274, considering the expected improvement in utilisation and margin. • Q2FY24 revenue grew by 24%YoY, mainly due to volume improvement (27%YoY) aided by n...
Accumulate Sagar Cements Ltd For Target Rs. 274- Geojit Financial Services
Sagar cements (SGC) reported good set of numbers for 2QFY24 as reported EBITDA came in at Rs602mn, up 97% QoQ and 105% above our estimate. Better than expected volumes and lower costs resulted in this sharp beat. Recently acquired Andhra cement plant contributed positively with better than expected volumes as well as profitability. The management has lowered its volume guidance from 6.4mn mt to 6.2mn mt for FY24, however maintained its FY24 EBITDA estimate of Rs4bn. As a result, 2HFY24 is exp...
Reduce Sagar Cements Ltd For Target Rs. 255 - Centrum Broking Ltd
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