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

<div><div><div><div><ul><li>4QFY22 performance: In 4QFY22, the company reported volume growth of 27% YoY (up by 33% QoQ) at 1.15mn mt, which was 20.1% above our estimate.</li></ul><div><div><div><div><ul><li>Higher domestic coal sourcing will keep costs lower for STRCEM: The company has used low-cost coal inventory, which was available from CIL (~200k mt). It has a long-term FSA with CIL for 150k mt of coal on an annual basis at a fixed price, which will mitigate the risk of price hikes in the future.</li></ul><div><div><div><div><ul><li>Capex and expansion plan: A 3mn mt clinker unit in Meghalaya and a 2mn mt grinding unit in Guwahati are expected to be commissioned by the end of CY23.</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: In 4QFY22, the company reported volume growth of 27% YoY (up by 33% QoQ) at 1.15mn mt, which was 20.1% above our estimate.Higher domestic coal sourcing will keep costs lower for STRCEM: The company has used low-cost coal inventory, which was available from CIL (~200k mt). It has a long-term FSA with CIL for 150k mt of coal on an annual basis at a fixed price, which will mitigate the risk of price hikes in the future.Capex and expansion plan: A 3mn mt clinker unit in Meghalaya and a 2mn mt grinding unit in Guwahati are expected to be commissioned by the end of CY23.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.

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