India Cement - Q1FY2014 Result Review - Angel Broking

India Cements posted weak set of numbers for 1QFY2014. Net sales rose by 3.1% yoy to Rs. 1,238cr. Cement sale volumes rose by a healthy 13.5% yoy to 2.65mn tonnes, with the company increasing its sales in Maharashtra and Eastern India. However, Net Plant Realization fell by 10% yoy to Rs. 3,185/tonne. While IPL posted a revenue of Rs. 108cr, Shipping and Wind businesses posted revenue of 15cr and Rs. 5cr respectively. The company's OPM plunged by 769bp yoy largely on account of lower cement realization. IPL business posted an EBITDA of Rs. 33cr during the quarter, while EBITDA of shipping business stood at Rs. 1cr. Bottom-line fell by 73% yoy to Rs. 17cr. We maintain our neutral rating on the stock.

Source : Equity Bulls

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