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India Infoline Private Client Research Team/
12:02 , Jul 06, 2012
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PAT growth would exhibit a mixed performance with ACL likely to report a robust 36% yoy surge while India Cements is likely to witness weak quarter on back of poor operational performance.
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- Domestic cement consumption has been subdued over the last 3 months clocking ~6%yoy growth as construction activity slowed down due to shortage of sand and labour.
- However, improvement in realisation (~9%yoy growth for our universe barring India Cement) should result into a 6-14%yoy topline growth.
- Operating margins for ACC, ACL and Ultratech is likely to expand sequentially on back of fall in imported coal prices (average rate stood at US$99 as against US$112 in Q4 FY12).
- PAT growth would exhibit a mixed performance with ACL likely to report a robust 36% yoy surge while India Cements is likely to witness weak quarter on back of poor operational performance.
- We maintain our neutral view on the sector.
Q1 FY13 estimates
Company
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Sales (Rs mn)
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OPM (%)
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PAT (Rs mn)
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Q1 FY13
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yoy (%)
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qoq (%)
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Q1 FY13
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yoy (bps)
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qoq (bps)
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Q1 FY13
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yoy (%)
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qoq (%)
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ACC
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27,112
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11.4
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(6.2)
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24.6
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71
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223
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3,932
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16.8
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(19.9)
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Ambuja Cem
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24,912
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13.8
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(6.4)
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27.4
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311
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30
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4,781
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37.6
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(19.1)
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Ultratech Cem
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49,473
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13.3
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(7.3)
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27.3
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(84)
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256
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8,180
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19.7
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(5.7)
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India Cem
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11,281
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6.3
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0.9
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19.1
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(408)
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(35)
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679
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(35.8)
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4.6
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| Thank you for the rating. |
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