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HeidelbergCement: Merits a review for inclusion in shopping list

The demand recovery for Heidelberg has been swift on account of the normalisation of supply chain and healthy cash flows in rural markets, but its sustenance will be challenged by sporadic lockdowns and rising Covid cases

September 15, 2020 / 01:41 PM IST
HeidelbergCement: Merits a review for inclusion in shopping list

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

HeidelbergCement India’s (CMP: Rs 183 Market Cap: Rs 4154 crore) June quarter performance was better than expected despite the Covid-led lockdown. Robust cement off-take in May and June along with cost reduction efforts drove the beat on margins. The key positive surprise in the results was the strong operating cash flows, which strengthened its balance sheet in the quarter gone by. Quarterly result highlights HeidelbergCement’s revenues in Q1 fell by 30 per cent year-on-year (YoY) on the back of Covid-induced shutdowns....

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