External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We met up with the Star Cement management</li><li>The company is well-poised to achieve a robust 19% volume CAGR during FY23-26E, driven by its upcoming expansions in the northeast (NE) region</li><li>Additionally, its cost curve is likely to continue to trend down due to a cool-off in fuel prices, a rising share of low-cost green power, and operational leverage gains</li></ul>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.

We met up with the Star Cement managementThe company is well-poised to achieve a robust 19% volume CAGR during FY23-26E, driven by its upcoming expansions in the northeast (NE) regionAdditionally, its cost curve is likely to continue to trend down due to a cool-off in fuel prices, a rising share of low-cost green power, and operational leverage gainsContent 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.

Star Cement: Robust Volume and Industry-Leading Margin Outlook. Maintain BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>SCL reported marginal revenue de-growth of 2% (marginally below expectations) and volume growth was flattish YoY (in line with expectations).</li><li>EBITDA/APAT grew 41%/31% YoY and was above expectations owing to lower cost.</li><li>The company reported a profit of Rs 41 Cr as against Rs 31 Cr in Q2FY23. </li></ul>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.

SCL reported marginal revenue de-growth of 2% (marginally below expectations) and volume growth was flattish YoY (in line with expectations).EBITDA/APAT grew 41%/31% YoY and was above expectations owing to lower cost.The company reported a profit of Rs 41 Cr as against Rs 31 Cr in Q2FY23. 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.

Star Cement Limited - EBITDA Beat on Lower Costs; Retain BUY

<ul><li>Increased demand and new capacity expansion boost revenue growth: The company reported consolidated revenue of Rs 2,705 Cr in FY23, registering robust growth of 22% YoY.</li><li>This was primarily driven by increased demand and new capacity expansion at the Siliguri grinding plant, which was commissioned in FY21.</li><li>The company reported an EBITDA of Rs 468 Cr, up 36% YoY. EBITDA growth was driven by higher sales volumes, better realization and controlled costs during the year. </li></ul>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.

Increased demand and new capacity expansion boost revenue growth: The company reported consolidated revenue of Rs 2,705 Cr in FY23, registering robust growth of 22% YoY.This was primarily driven by increased demand and new capacity expansion at the Siliguri grinding plant, which was commissioned in FY21.The company reported an EBITDA of Rs 468 Cr, up 36% YoY. EBITDA growth was driven by higher sales volumes, better realization and controlled costs during the year. 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.

Star Cement - Capacity Expansion to Drive Growth

<ul><li>SCL reported revenue growth of 14% (in line with expectations) and volume growth of 18% YoY (in line with expectations).</li><li>EBITDA / APAT grew 4%/38% YoY, while EBITDA was below expectations and APAT was above expectations due to tax writeback.</li><li>The company reported a profit of Rs 93 Cr as against Rs 68 Cr in Q1FY23. </li></ul>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.

SCL reported revenue growth of 14% (in line with expectations) and volume growth of 18% YoY (in line with expectations).EBITDA / APAT grew 4%/38% YoY, while EBITDA was below expectations and APAT was above expectations due to tax writeback.The company reported a profit of Rs 93 Cr as against Rs 68 Cr in Q1FY23. 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.

Star Cement Limited - Robust Volume Growth; Maintain BUY!

<ul><li>The company’s capacity expansion plan is progressing well and 2 mtpa of grinding capacity each will get operational in Q3FY24/Q2FY25 along with 3 mtpa Clinker units in Jan’24.</li><li>This will take the total grinding capacity of the company to 9.7 mtpa from the existing 5.7 mtpa, thereby creating more growth headroom for it moving forward.</li><li>The company is the leading producer of cement in the North-East region from which derives 70-75% of its total revenue.</li></ul>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.

The company’s capacity expansion plan is progressing well and 2 mtpa of grinding capacity each will get operational in Q3FY24/Q2FY25 along with 3 mtpa Clinker units in Jan’24.This will take the total grinding capacity of the company to 9.7 mtpa from the existing 5.7 mtpa, thereby creating more growth headroom for it moving forward.The company is the leading producer of cement in the North-East region from which derives 70-75% of its total revenue.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.

Star Cement Ltd - Higher Volume&Lower Cost To Drive Growth.

India

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

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Star Cement Ltd (STRCEM IN)

Star Cement: Robust Volume and Industry-Leading Margin Outlook. Maintain BUY

The company is well-poised to achieve a robust 19% volume CAGR during FY23-26E, driven by its upcoming expansions in the northeast (NE) region

HDFC Securities

Star Cement Limited - EBITDA Beat on Lower Costs; Retain BUY

SCL reported marginal revenue de-growth of 2% (marginally below expectations) and volume growth was flattish YoY (in line with expectations).

Axis Direct

Star Cement - Capacity Expansion to Drive Growth

Increased demand and new capacity expansion boost revenue growth: The company reported consolidated revenue of Rs 2,705 Cr in FY23, registering...

Axis Direct

Star Cement Limited - Robust Volume Growth; Maintain BUY!

SCL reported revenue growth of 14% (in line with expectations) and volume growth of 18% YoY (in line with expectations).

Axis Direct

Star Cement Ltd - Higher Volume&Lower Cost To Drive Growth.

The company’s capacity expansion plan is progressing well and 2 mtpa of grinding capacity each will get operational in Q3FY24/Q2FY25 along with 3...

Axis Direct

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