Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

Heidelberg Cement India / Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 performance: HEIM reported adjusted revenue of Rs5.99bn, flat YoY and 2% ahead of our estimate.</li></ul><div><div><div><div><ul><li>Volume at 1.23mn mt came in 2.7% ahead of our estimate whereas realization was 1% lower than estimate.</li></ul><div><div><div><div><ul><li>Capex plans: As mentioned earlier, significant long-term capex plans are missing, and the company is focusing on increasing capacity marginally through debottlenecking.</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: HEIM reported adjusted revenue of Rs5.99bn, flat YoY and 2% ahead of our estimate.Volume at 1.23mn mt came in 2.7% ahead of our estimate whereas realization was 1% lower than estimate.Capex plans: As mentioned earlier, significant long-term capex plans are missing, and the company is focusing on increasing capacity marginally through debottlenecking.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.

Heidelberg Cement India Ltd - Capex Visibility Still Missing