HDFC Securities' research report on Nuvoco Vistas Corporation
In Q1FY24, Nuvoco delivered 7% YoY volume growth and its unit EBITDA expanded by INR 50/MT QoQ to INR 795 per MT, on strong fuel cost savings. Its net debt to EBITDA also remained stable at 3.8x QoQ. It is committed to reducing debt by ~INR 5bn in FY24E and major Capex would wait until its net debt falls below INR 40bn. It is working on further expanding its CC ratio from 1.83x to 1.92x.
Outlook
We maintain BUY on Nuvoco Vistas, with an unchanged TP of INR 475/share (10x its consolidated Mar-25E EBITDA).
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