External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Shree Cement Ltd (SCL) commissioned a new 3 million tonnes per annum (mtpa) cement unit in Cuttack, taking the total capacity to 43.4 mtpa. Its 3 mtpa new grinding capacity is coming up in Patas, near Pune and is expected to be operational in Q2FY22. With this capacity addition, SCL’s total cement grinding capacity will increase to 46.4 mtpa on a standalone basis.</p><p>We value SCL at 19x FY23E EV/EBITDA and assign a HOLD rating to the company.</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 Ltd (SCL) commissioned a new 3 million tonnes per annum (mtpa) cement unit in Cuttack, taking the total capacity to 43.4 mtpa. Its 3 mtpa new grinding capacity is coming up in Patas, near Pune and is expected to be operational in Q2FY22. With this capacity addition, SCL’s total cement grinding capacity will increase to 46.4 mtpa on a standalone basis.We value SCL at 19x FY23E EV/EBITDA and assign a HOLD rating to the company.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.

Shree Cement: Capacity Expansion, Product Mix and New Markets To Drive Growth

<p>Shree Cement reported healthy Q1FY22 Revenue/EBITDA/APAT growth of 48%/45%/78% on a YoY basis led by better cement demand and higher realization during the quarter. The volume for the quarter was 6.84 mntpa, up 39% YoY. The blended realization during the quarter was Rs 5,043/tonne which was higher by 7%/5% on YoY and QoQ basis. The company reported EBITDA/tonne of Rs 1,482 (Rs 1,421/tonne in Q1FY21) and was up 4.3% YoY owing to higher volume and realization. The company reported an EBITDA margin of 29.4% (slightly below our expectation) against 30.1% YoY. APAT was higher due to higher realization, lower depreciation, and interest cost. Cost/tonne increased by 8% to Rs 3,561 YoY.</p><p>We maintain our HOLD rating on the stock with TP of Rs.29000/share implying an upside of 3% from CMP.</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 reported healthy Q1FY22 Revenue/EBITDA/APAT growth of 48%/45%/78% on a YoY basis led by better cement demand and higher realization during the quarter. The volume for the quarter was 6.84 mntpa, up 39% YoY. The blended realization during the quarter was Rs 5,043/tonne which was higher by 7%/5% on YoY and QoQ basis. The company reported EBITDA/tonne of Rs 1,482 (Rs 1,421/tonne in Q1FY21) and was up 4.3% YoY owing to higher volume and realization. The company reported an EBITDA margin of 29.4% (slightly below our expectation) against 30.1% YoY. APAT was higher due to higher realization, lower depreciation, and interest cost. Cost/tonne increased by 8% to Rs 3,561 YoY.We maintain our HOLD rating on the stock with TP of Rs.29000/share implying an upside of 3% from CMP.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.

Shree Cement: Operating Performance In-Line but Upside Capped

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

Motilal Oswal

<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)

Shree Cement: Capacity Expansion, Product Mix and New Markets To Drive Growth

We value SCL at 19x FY23E EV/EBITDA and assign a HOLD rating to the company. Shree Cement Ltd (SCL) commissioned a new 3 million tonnes per annum...

Axis Direct

Shree Cement: Operating Performance In-Line but Upside Capped

We maintain our HOLD rating on the stock with TP of Rs.29000/share implying an upside of 3% from CMP. Shree Cement reported healthy Q1FY22 Revenue...

Axis Direct

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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