Anand Rathi 's research report on NCL Industries
Outpacing the industry, NCL’s cement division did well, with the highest EBITDA/ton. Its Boards & RMC divisions, however, suffered on closure of major markets and no progress could be made on the Chinese JV. The Mattampally-plant modernisation and the 8MW WHRS and new solar power agreement will help in cost savings.
Outlook
We retain our Buy rating, with a higher TP of `136 (earlier `108).
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