External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

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<li>North: Cement prices increased sharply in North in April’22, driven by higher pricing in Rajasthan (up by Rs40- 50/bag).</li>
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<li>West: Overall, the region saw Rs23/bag (+6.6%) increase in trade prices at Rs367/bag. Institutional demand in cities like Mumbai and Pune was stable.</li>
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<p>South: South India witnessed relatively lower MoM increase in prices at Rs8-10/bag (+1.9%).</p>
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<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>






North: Cement prices increased sharply in North in April’22, driven by higher pricing in Rajasthan (up by Rs40- 50/bag).






West: Overall, the region saw Rs23/bag (+6.6%) increase in trade prices at Rs367/bag. Institutional demand in cities like Mumbai and Pune was stable.




South: South India witnessed relatively lower MoM increase in prices at Rs8-10/bag (+1.9%).













Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement Sector - Prices up Sharply Across India; No Rollbacks Yet

<ul><li>Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.</li><li>During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.</li><li>While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.</li><li>Given the sharp...(continued).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.Given the sharp...(continued).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

<ul><li>We met up with the management of Nuvoco Vistas</li><li>The management noted a healthy cement demand trend</li><li>On the cost front, in addition to its ongoing efforts to further squeeze its fuel costs, it expects more savings from WHRS ramp-up, railways sidings, a rising share of AFR, and the resumption of Nimbhol CPP</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We met up with the management of Nuvoco VistasThe management noted a healthy cement demand trendOn the cost front, in addition to its ongoing efforts to further squeeze its fuel costs, it expects more savings from WHRS ramp-up, railways sidings, a rising share of AFR, and the resumption of Nimbhol CPPContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nuvoco Vistas Corporation: Focus on Cost and Debt Reduction.

Nuvoco Vistas Corporation -  Focus on Cost and Debt Reduction. Maintain BUY

<div><div><div><div><ul><li>4QFY22 performance: Nuvoco has reported extremely good set of numbers given the challenging environment with EBITDA of Rs4.25bn against our expectation of Rs3.8bn.</li></ul><div><div><div><div><ul><li>Capex update: Nuvoco plans to augment its cement volume by ~2.4mn mt from both north and east regions.</li></ul><div><div><div><div><ul><li>Outlook: Given the increased competition in the eastern region post recent capex by various companies, it will be challenging for Nuvoco to sustain this performance.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 performance: Nuvoco has reported extremely good set of numbers given the challenging environment with EBITDA of Rs4.25bn against our expectation of Rs3.8bn.Capex update: Nuvoco plans to augment its cement volume by ~2.4mn mt from both north and east regions.Outlook: Given the increased competition in the eastern region post recent capex by various companies, it will be challenging for Nuvoco to sustain this performance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nuvoco Vistas Corporation Ltd - Good Results Amid Challenging Environment

India

Nuvoco Vistas Corporation Limited is a leading Indian building materials company that manufactures and sells cement, ready-mix concrete (RMX), and modern building materials (MBM). Its product portfolio includes various types of cement, as well as construction chemicals, wall putty, tile adhesives, and other specialized building solutions. The company was incorporated in 1999 and is headquartered in Mumbai, India.

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Nuvoco Vistas (NUVOCO IN)

Cement Sector - Prices up Sharply Across India; No Rollbacks Yet

Prices up sharply across India; no rollbacks yet We interacted with cement dealers across the country to assess demand and pricing trends.

Nirmal Bang

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid...

Nirmal Bang

Nuvoco Vistas Corporation: Focus on Cost and Debt Reduction.

Nuvoco is targeting to reduce net debt to EBITDA to below 2x before taking up major expansions. Existing capacities can support ~7% volume CAGR...

HDFC Securities

Nuvoco Vistas Corporation - Focus on Cost and Debt Reduction. Maintain BUY

On the cost front, in addition to its ongoing efforts to further squeeze its fuel costs, it expects more savings from WHRS ramp-up, railways...

HDFC Securities

Nuvoco Vistas Corporation Ltd - Good Results Amid Challenging Environment

Nuvoco Vistas Corporation Ltd (Nuvoco) has reported good set of results for 4QFY22, with EBITDA coming in at Rs4.25bn (up 87% QoQ) against our...

Nirmal Bang

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