February 20, 2017 / 12:56 IST
Deccan Cements’ (DCL) Q3FY17 Net sales/EBITDA/PAT rose 4%/10%/76% YoY driven by price recovery in south, lower interest costs and lower tax outgo. Sales volume came in flat (on a lower base of last year), as demand weakened post demonetisation and as DCL focussed on better realisation (vs volume).
Outlook
These should sustain DCL’s superior return ratios in the industry, which is not fully reflected in its current valuations. We retain BUY with a revised TP of Rs 1320 at 4.5x its FY19E.
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