Summary Visaka Industries Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Visaka Industries Ltd (VIL) is a manufacturer of fiber cement and synthetic yarn. The company offers various cement asbestos products including asbestos sheets, accessories, non-asbestos flat shee...
Shree Cement: Cost pressures and weak realization hurt (SRCM IN, Mkt Cap USD9.3b, CMP INR21163, TP INR21510, 2% Upside, Neutral) Announces changes in the Board's composition SRCM, as expected, reported a weak 2QFY23, led by higher variable costs and weak realization. EBITDA fell 42% YoY to INR5.2b (est. INR5.4b) and EBITDA/t came in at a 28-quarter low at INR701 (est. INR770), down 51% YoY and 36% QoQ). Profit fell 67% YoY to INR1.9b (est. INR2.1b). Changes in the Board composition: 1) Mr....
EBITDA miss of 5%; MTM loss and higher depreciation impacts profit SRCM’s 1QFY23 earnings were below our estimate as the benefits of higher realization (6% above our estimate) was offset by higher costs (8% above our estimate). EBITDA stood at INR8.2b (est. INR8.6b) and EBITDA/t came in at INR1,091 (est. INR1,139). Other income posted a loss of INR216m due to a MTM loss of INR961m on investments. Profit stood at INR3.2b (est. INR4.9b). We maintain our FY23/FY24 EBITDA estimate, but reduce ...
The independent financial analyst theScreener just lowered the general evaluation of SHREE CEMENT (IN), active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date November 2, 2021, the closing price ...
SHREE CEMENT: EBITDA in-line; lags peers in volume growth (SRCM IN, Mkt Cap USD13.7b, CMP INR28287, TP INR28550, 1% Upside, Neutral) Faster volume growth needed to improve ROE and drive upside Shree Cement (SRCM)’s 1QFY22 result was in-line, with EBITDA up 45% YoY – as higher realization was offset by disappointment on cost, leading to weaker EBITDA/t of INR1,482 (v/s our est. of INR1,552/t). Volume growth at 39% YoY, weighed by lower clinker sales, was also weaker v/s peers. We broadly...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Q3FY20 result highlights Adj. PAT at Rs3.05bn (+1.1% yoy): led by higher realisations and cost efficiencies. This was partly offset by higher tax rate (3Q20 at 25.3% vs 3Q19 at 18.6%) Volume growth at 5.3% yoy to 6.25mt: driven by demand pick up in East (pick up seen in Dec-19) as also in North. Shree has limited presence in South (5-7% of volumes). Realizations increased 4.6% yoy: to Rs4512/t (-Rs141 or -3% qoq) as the sharp price hikes in 1QFY20 were gradually rolled back in East (~30% of...
SHREE CEMENT: Gaining from strong exposure to north (SRCM IN, Mkt Cap USD12.3b, CMP INR24413, TP INR22810, 7% Downside, Neutral) Margin outlook remains strong on better prices, lower costs Shree Cement's (SCRM) result reflects the benefit of improved pricing in north as EBITDA/t was strong as expected. Costs are also coming down. We maintain our FY20/21 EPS estimate and Neutral rating. While the margin outlook appears strong given the recent price hikes, we believe valuations (18x FY21E...
Q2FY20 result highlights Adj. PAT at Rs3.09bn (+88.6% yoy): led by higher than expected realisation growth. Volumes growth muted at 1.5% yoy to 5.72mt: due to weak demand across regions particularly in East (30% of volumes) led by heavy monsoons and floods. Realizations jump 9% yoy: to Rs4653/t (-Rs50/t qoq) as the sharp price hikes in 1QFY20 largely sustained in North (70% of volumes), while East saw sharp price corrections on weak demand. Costs fell by 2.1% yoy to Rs3201/t: led by 2.5% y...
Q2FY20 result highlights Adj. PAT at Rs3.09bn (+88.6% yoy): led by higher than expected realisation growth. Volumes growth muted at 1.5% yoy to 5.72mt: due to weak demand across regions particularly in East (30% of volumes) led by heavy monsoons and floods. Realizations jump 9% yoy: to Rs4653/t (-Rs50/t qoq) as the sharp price hikes in 1QFY20 largely sustained in North (70% of volumes), while East saw sharp price corrections on weak demand. Costs fell by 2.1% yoy to Rs3201/t: led by 2.5% y...
SHREE CEMENT: Better realization drives earnings; equity raise on cards (SRCM IN, Mkt Cap USD9.1b, CMP INR18661, TP INR21000, 13% Upside, Neutral) Muted volume growth, strong realization: Volumes grew by a muted ~1.5% YoY to 5.72mt. Realization was up ~9% YoY (-1% QoQ) to INR4,654/t (our estimate: INR4,533/t). While cement revenue grew 11% YoY to INR26b (in-line), power revenue was down 22% YoY to INR1.4b (26% miss). As a result, total revenue of INR28b (+8% YoY) came in line with our est...
Q1FY20 result highlights Adj. PAT at Rs3.63bn (+31% yoy): led by strong realisation growth partially offset by higher tax rate. Volumes see sharp decline of 13% yoy to 6.06mt: due to weak demand particularly in East led by heavy monsoons and floods in Bihar. Concurrently, focus on trade sales further impacted volumes. Realizations jump led by price hikes: to Rs4701/t (+14.5% yoy, +Rs478/t qoq) led by strong price hikes in North and shift towards trade segment. Negative operating leverage i...
SHREE CEMENT: Capacity overhang in key operating regions to pressurize prices, Downgrade to Neutral (SRCM IN, Mkt Cap USD10b, CMP INR20248, TP INR21000, 4% Upside, Downgrade to Neutral) Reprises industry trend of lower volumes, higher realizations: Volumes including clinker declined ~13.3% YoY to 6.1mt (our estimate: 6.0mt). Realizations were up ~14.5% YoY to INR4,703, while revenues declined 1% YoY to INR30.3b (our estimate: INR29b). Cement revenue stood at INR28b (-1% YoY) and Power rev...
Q4FY19 result highlights Adj. PAT at Rs3.21bn (-20% yoy): as strong operational performance was offset by higher depreciation and tax rate Volumes +13.3% yoy to 7.3mt: led by strong growth in East (29% of volumes) led by infra and housing. North (68% of vols) continued to see stable demand momentum. Realizations at Rs4225/t (+1.6% yoy, -Rs90/t qoq): led by higher prices in North and shift towards trade segment (73% of vols vs 67% in 4QFY18). Although, drop on a qoq basis was led by lower p...
Shree Cement: Capacity expansion to drive growth; Margins improve on lower costs (SRCM IN, Mkt Cap USD10.2b, CMP INR20333, TP INR23400, 15% Upside, Buy) Healthy volume growth: 4QFY19 volumes (including clinker) increased ~13.3% YoY to 7.3mt (our est. 7.04mt). Realizations increased ~1.6% YoY to INR4,225, while revenue grew 17% YoY to INR32.8b (our est. INR33.1b). Cement revenue grew 15% YoY to INR30.8b, while Power revenue was up 52% YoY to INR2.0b. Easing cost pressures drive margins:...
A director at Shree Cement Limited sold 103,100 shares at 17,520.700INR and the significance rating of the trade was 83/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
Q3FY19 result highlights Adj. PAT at Rs3.01bn (+2.8% yoy): as higher depreciation, interest rate and tax rate offset strong operating performance. Volumes +11.4% yoy to 5.93mt: led by sustained strong growth in East led by infra and housing. North region (70% of vols) continued to see demand momentum, however growth was muted on sand mining ban and elections in Rajasthan. Realizations at Rs4315/t (+4.4% yoy, +Rs47/t qoq): led by higher prices in the North & Central and shift towards trad...
Shree Cement: Another quarter of healthy profitability; led by realization growth and easing cost pressures (SRCM IN, Mkt Cap USD7.8b, CMP INR15912, TP INR20221, 27% Upside, Buy) Healthy volume and realization growth: SRCM's 3QFY19 volumes including clinker increased ~11.4% YoY to 5.93mt (in line with est.) led by healthy growth from the eastern region. Realizations increased ~4.4% YoY /1.1% QoQ to INR4,315 (in line with est.), while revenues stood at INR27.8b, +21% YoY (est. INR26.9b). C...
Q2FY19 result highlights Adj. PAT at Rs1.64bn (-26% yoy): as higher costs offset robust volume growth. During the quarter, Shree wrote off Rs1.78bn on investment in IL&FS leading to reported PAT of Rs494mn. Shree also incurred Rs840mn MTM forex loss (we classify as interest expense). Volumes + 15.6% yoy to 5.64mt: led by strong 45% yoy growth in East (ramp up of new plants; 80% utilisation) as also 10% yoy in North (70% of vols). Demand continued to be led by infra and housing. Realizations...
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