Madras Cements - 1QFY2014 Result Review - Angel Broking

For 1QFY2014 Madras Cements posted a lower than expected performance on the top-line, OPM as well as on the bottom-line front. The company's top-line degrew by 2.5% yoy to Rs. 960cr due to poor demand and weak cement prices. OPM plunged by 1,060bp yoy to 20.4% on account of lower realizations and increase in raw material and freight costs. Bottom-line fell by 44% yoy to Rs. 69cr.

We maintain a neutral rating on the stock.

Source : Equity Bulls

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