External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Shree Cement (SRCM)'s 1QFY22 result was in-line, with EBITDA up 45% YoY as higher realization was offset by disappointment on cost, leading to weaker EBITDA/t of INR1,482 (v/s our est. of INR1,552/t). Volume growth at 39% YoY, weighed by lower clinker sales, was also weaker v/s peers. We broadly maintain our FY22E/FY23E estimates and expect a 13%/13% volume/EBITDA CAGR over FY2123E. We maintain Neutral as the valuation (18x FY23E EV/EBITDA) prices in earnings growth....</p><div class="content-highlight"><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></div>

Shree Cement (SRCM)'s 1QFY22 result was in-line, with EBITDA up 45% YoY as higher realization was offset by disappointment on cost, leading to weaker EBITDA/t of INR1,482 (v/s our est. of INR1,552/t). Volume growth at 39% YoY, weighed by lower clinker sales, was also weaker v/s peers. We broadly maintain our FY22E/FY23E estimates and expect a 13%/13% volume/EBITDA CAGR over FY2123E. We maintain Neutral as the valuation (18x FY23E EV/EBITDA) prices in earnings growth....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.

EBITDA in-line; lags peers in volume growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Our revised target price of INR 26,500/share is SOTP based - standalone at 16.5x Mar'23 E EBITDA and its UAE subsidiary at 1x BV. Shree Cement: Shree Cement (SRCM) reported healthy volume growth (+15/19% QoQ/YoY) in 4QFY21. However, sharp increase in fixed costs moderated the gains. Unitary cement EBITDA fell 7/10% YoY/QoQ to INR 1,400/MT. During 4Q, Shrees net sales/EBITDA/APAT grew 19/8/23% QoQ (22/9/31% YoY) to INR 39.3/11.8/7.7bn respectively. SRCM continues to deliver industry-leading operating performance and return ratios, owing to its robust cost controls and strong focus on trade sales.</p><div class="content-highlight"><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></div>

Our revised target price of INR 26,500/share is SOTP based - standalone at 16.5x Mar'23 E EBITDA and its UAE subsidiary at 1x BV. Shree Cement: Shree Cement (SRCM) reported healthy volume growth (+15/19% QoQ/YoY) in 4QFY21. However, sharp increase in fixed costs moderated the gains. Unitary cement EBITDA fell 7/10% YoY/QoQ to INR 1,400/MT. During 4Q, Shrees net sales/EBITDA/APAT grew 19/8/23% QoQ (22/9/31% YoY) to INR 39.3/11.8/7.7bn respectively. SRCM continues to deliver industry-leading operating performance and return ratios, owing to its robust cost controls and strong focus on trade sales.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.

India

Shree Cement Ltd. manufactures cement and cement products. The Company sells its products primarily in Northern India under its own brand names.

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Shree Cement (SRCM IN)

EBITDA in-line; lags peers in volume growth

Shree Cement (SRCM)'s 1QFY22 result was in-line, with EBITDA up 45% YoY as higher realization was offset by disappointment on cost, leading to...

Motilal Oswal

HSIE Results Daily: Shree Cement

Our revised target price of INR 26,500/share is SOTP based - standalone at 16.5x Mar'23 E EBITDA and its UAE subsidiary at 1x BV. Shree Cement:...

HDFC Securities

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