Hold India Cement - Anand Rathi

India Cement (Price: Rs.89, Target: Rs.104, Rating: Hold)

During 3QFY13, we expect India Cement to post 4% higher aggregate revenue than in corresponding quarter last year. Cement volumes are expected to rise 2% yoy, while realisations would increase 2% yoy.

We expect the company to post EBITDA per ton of Rs.700 (compared to more than Rs.770 in the previous quarter and Rs.860 in the year-ago quarter), leading to 18% yoy EBITDA decline. Adjusted PAT as a result is expected to dip 64% yoy and 58% qoq.

Source : Equity Bulls

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