3QFY21 Results Preview
* Utilisation firms up to 80% in 3QFY21E:
Cement demand continued to recover during 3QFY21, firming up utilisation to 80% vs 78% YoY. During..
Strong volume growth and lower opex positives but valuations unattractive
* Q2 results were ahead of our estimates, driven by higher realization (down 1.9% qoq vs. est..
Capacity expansion to help volume growth; attractive valuations
* Q2 results were below our estimates, driven by lower-than-estimated realization (down 5.2% qoq vs. es..
Weak pricing in East may impact profitability
Dalmia Bharat’s (DALBHARA) Q2FY21 EBITDA at Rs7bn (up 48% YoY) was better than our/ consensus estimates owing to lo..
Volume recovery continues, margins stay strong
Lower fixed costs should offset the impact of rising variable cost
* We estimate our coverage universe to report a 1..
Strong volume recovery, capex plans to help volume growth
* Q2 results beat estimates, led by higher sales volume (up 15.8% yoy vs. estimate of 4% growth) and realiza..
* Stock has given a good range breakout above 350 odd levels with strong volume .
* Prices are trading above ichimoku clouds which also suggest that immediate trend is..
Beneficiary of South production discipline
Retain Neutral on valuation pricing in strong EPS growth
* The Ramco Cements’ (TRCL) 2QFY21 results highlight the..
Lower opex positive; balance sheet concerns yet not over
* ICEM’s Q2 results beat our expectations on lower opex (Rs205/ton lower than estimates) and profit in ..
Strong operating show; valuation attractive
JK Lakshmi Cement’s (JKLC) Q2FY21 standalone EBITDA at Rs1.9bn (up 26% YoY) was significantly better than our /conse..
Q3 FY21 Earnings Preview
We expect cement industry growth during Q3FY21E to hover around 4‐5% y/y with sustenance of rural demand and distinct pick‐up of infrastr..
Realisations + efficiency drive super profits…
Ramco Cement reported a remarkable performance at operating level in Q2FY21 with EBITDA margin expansion of 1267..
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