NMDC - Rating: Buy; Target Price: Rs165 - Centrum

- We expect revenue to be up by ~38% YoY on the back of higher volumes off 7.2 MT (up by 35% YoY) and better realizations (up by ~2% YoY and 3% QoQ on account of price increases during Oct-Dec. We see exports of ~0.6MT during the quarter.

- EBITDA is expected to be higher by 19% YoY at Rs16.5bn. We expect EBITDA margin of 58.6%, lower by ~940bps YoY due to higher share of exports and increased costs.

- PAT is expected at Rs14.6bn, up by ~13% YoY.

Source : Equity Bulls

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