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The India Cements Ltd - BUY - TP Rs.223 - Result Update - Kotak

Posted On: 2017-11-15 19:16:34

- Results for the quarter were ahead of our expectations owing to better than expected margins. Demand in the southern region continues to remain impacted by sand unavailability which can continue to weigh on stock performance in near term. However these issues are likely to get resolved soon with alternative options of procuring sand.

- Along with this, with upcoming election schedule in AP/Telangana, we expect cement demand to report strong growth with government's push for infrastructure development. We believe that India Cements is adequately positioned to cater to upcoming demand with improved working capital and enhanced capacity. Post revising our estimates to factor in H1FY18 performance, we arrive at a revised price target of Rs 223 (as against Rs 234 earlier) based on average of 8x EV/EBITDA and $80 per tonne on FY19 estimates. Maintain BUY

Shares of INDIA CEMENTS LTD. was last trading in BSE at Rs.168 as compared to the previous close of Rs. 165.85. The total number of shares traded during the day was 627400 in over 2994 trades.

The stock hit an intraday high of Rs. 168.8 and intraday low of 163.6. The net turnover during the day was Rs. 104381992.

Source: Equity Bulls

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