Views
of Mr. V. Srinivasan (Research Analyst,
Angel Broking) on India Cement 1Q FY 2013
Results :
“India Cements posted a 13.2 % y o y growth in its standalone
topline to Rs.1,201 cr, which was slightly above our estimates. The topline
growth is expected to have been driven primarily by higher realization. Cement
prices remained high on a y o y basis in the company’s primary markets situated
in South India aided to an extent by the improving demand situation in the
region, resulting in better realization. OPM stood at 23.1% up 0.28% on a y o y
basis, aided by better realization.
However, the margin improvement was to an extent restricted due to
increase in freight costs due to higher diesel cost and fare hike by railways.
Net profit fell by 39 % y o y to Rs. 62 cr. During the quarter the company had
Rs. 20 cr of exceptional items related to the IPL franchisee and Rs. 25cr of
forex loss which along with higher depreciation dragged the profits down. We
maintain a neutral view on the stock.”
Corporate
Communications Team
6th
Floor, Ackruti Star, Central Road,MIDC
Andheri
(E) , Mumbai - 93
Main
: (91-22) 3935 7600 Extn : 6956
Website
: www.angelbroking.com
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