Edelweiss' research report on India Cements
India Cements’ (ICEM) Q4FY17 EBITDA at INR 1.9bn (down 9% YoY) appears above consensus post adjusting for the recently amalgamated Trinetra Cements (TCL). Total sales volume stood at 2.9mt, up 2.5% YoY – a decent number, considering weakness in Tamil Nadu.
Outlook
ICEM continued to focus on deleveraging with INR 2.3bn debt repayment in FY17. Factoring in consolidation of TCL and recent volume/price trends, we revise up FY18E/FY19E EBITDA 9%/10%, respectively. Maintain ‘BUY’ with revised TP of INR 220 (earlier INR 180).
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