Buy Nuvoco Vistas Corporation; target of Rs 475: HDFC Securities

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HDFC Securities' research report on Nuvoco Vistas Corporation

In Q4FY23, Nuvoco’s sales volume recovered 16% QoQ but NSR fell 2% QoQ. However, as cement opex too decreased by 5% QoQ (cool-off in fuel cost and op-lev gain), unitary EBITDA recovered by INR 130 per MT QoQ to INR 750 per MT. Nuvoco reduced its debt on books in FY23 and remains committed to reducing gearing before taking up the south expansion.

Outlook

We maintain BUY on Nuvoco Vistas, with a lower TP of INR 475/share (10x its consolidated Mar-25E EBITDA).

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Nuvoco Vistas Corporation - 11 -05 - 2023 - hdfc