Buy Star Cement; target of Rs 120: HDFC Securities

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HDFC Securities' research report on Star Cement

Star Cement (STRCEM) reported 37/42/49% YoY consolidated revenue/ EBITDA/APAT decline to Rs 2.92/0.65/0.43 bn respectively. While lower sales (volume down 38% YoY) drove this fall, the impact is moderated on stable input costs and a sharp cut in discretionary expenses. Pent-up demand execution and upcoming Siliguri GU should accelerate volume growth hereon. Further, the upcoming e-auction of local coal should aid fuel cost reduction.

Outlook

We estimate 15% EBITDA CAGR during FY20-23E.

For all recommendations report, click here

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