External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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.

Shree Cement

HSIE Results Daily: Shree Cement