Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>3QFY21 Result Update</p>
<h2>Heidelberg Cement India Ltd.</h2>
<h3>Focusing on realizations</h3>
<p>Heidelberg Cement (HEIM) has reported relatively weaker set of results primarily due to maintenance shutdown taken to replace conveyor belt, which resulted in shutdown of more efficient line 3 kiln. As a result, power production from WHRS was lower. This resulted in relatively higher costs compared to normal circumstances and we believe that as the shutdown ends, normal operations will resume from 4QFY21. Barring this…</p>

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<p>2QFY21 Result Update</p>
<h2>Heidelberg Cement</h2>
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<h3>Focusing on realizations</h3>
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<p>Heidelberg Cement (HEIM) reported good set of numbers for 2QFY21, with revenue of Rs5.14bn, down 1.6% YoY and EBITDA of Rs1.26bn, up 2.6% YoY. However, compared to other cement players, HEIM’s results were marginally lower. Realization declined by only 2.5% QoQ at Rs4,637/mt. Volume declined by 2.3% YoY, which was lower than the industry growth as the company focused on realizations and profitability rather than pushing…</p>
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<p>1QFY21 Result Update</p>
<h2>Heidelberg Cement</h2>
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<p><strong>Earnings on expected lines</strong></p>
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<p>Heidelberg Cement (HEIM) reported good set of numbers for 1QFY21 with revenue of Rs4.08bn, down 30.8% YoY and EBITDA of Rs1.08bn, down 31.3% YoY. Realization improved by 1.6% YoY and 1.7% QoQ at Rs4,757/mt. Volume declined by 31.9% YoY on account of loss of volume during the lockdown. Operating cost/mt increased by 1.8% YoY as most cost items reported marginal increase on account of higher fixed costs. As a result, EBITDA/mt…</p>
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India

Heidelbergcement India Ltd. manufactures portland slag cement and portland pozzolana cement.

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