Prabhudas Lilladher has come out with its earnings estimates on cement sector for March quarter FY12. According to the research firm All-India cement consumption is expected to grow by 10% to ~64m tonnes in the quarter
Prabhudas Lilladher results estimates on cement Sector All-India cement consumption is expected to grow by 10% to ~64m tonnes in the quarter on the back of a strong momentum in the Western, Northern and Central region, while, consumption for the full year FY12 is expected settle at ~225m tonnes with growth of 7%, in line with our estimates. Thanks to continued buoyancy in demand from Housing, Industrial and Infrastructure sector, Western region’s consumption is expected to grow by 11% YoY for the quarter despite a high base (+15% YoY and +20% in Q3). On the similar lines, consumption in Central region grew by 14% on the back of a strong rural demand and election-driven demand in UP. Northern region’s consumption grew by 14% in the quarter, aided by a low base with 4% growth and strong demand in Punjab and Rajasthan. Southern region demand witnessed 7% YoY growth, thanks to a negative base of 5% and growth in Tamil Nadu. Growth in Eastern region’s consumption is expected to remain subdued on the backdrop of high base of 11% and demand slowdown in Bihar and Jharkhand. (Rs in million)| Company | Q4FY12E | Q4FY11 | YoY gr. (%) | Q3FY12 | QoQ gr. (%) | |
| UltraTech Cement | Sales | 53,693 | 44,901 | 19 | 45,719 | 17.4 |
| EBITDA | 11,785 | 10,210 | 15.4 | 9,649 | 22.1 | |
| PAT | 7,285 | 7,268 | 0.2 | 5,695 | 27.9 | |
| Ambuja Cement | Sales | 26,425 | 22,071 | 19.7 | 23,291 | 13.5 |
| EBITDA | 6,868 | 6,116 | 12.3 | 4,211 | 63.1 | |
| PAT | 4,549 | 4,075 | 11.6 | 3,267 | 39.3 | |
| ACC | Sales | 30,752 | 25,562 | 20.3 | 26,474 | 16.2 |
| EBITDA | 6,608 | 5,581 | 18.4 | 3,863 | 71.1 | |
| PAT | 4,182 | 3,502 | 19.4 | 4,632 | -9.7 | |
| Shree Cement | Sales | 15,106 | 10,701 | 41.2 | 12,586 | 20 |
| EBITDA | 4,563 | 2,959 | 54.2 | 3,324 | 37.3 | |
| PAT | 1,609 | 897 | 79.3 | 592 | 171.7 |
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