Views on India Cements 3QFY2014 results - Angel Broking

Views of Mr. V. Srinivasan (Research Analyst - Cement, Angel Broking) on India Cements 3QFY2014 results:

"For 3QFY2014, India Cements' results were above estimates on the operating front. The company's top-line fell by 4.2% yoy to Rs. 1,037cr, on account of lower realizations. OPM fell by 388bp on a yoy basis to 14% on account of lower realizations. Although, the operating performance was weaker on a yoy basis, it was ahead of expectations due to lower than estimated power and fuel, freight and other expenses. During the quarter, the company's profitability was boosted by Rs. 5cr of sales tax incentive pertaining to earlier years. The company posted a net profit of Rs. 0.4cr in 3QFY2014 (vs Rs. 26cr in 3QFY2013). We maintain a neutral rating on the stock."

Source : Equity Bulls

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