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Tuesday, August 14, 2012

Buy Stocks of India Cements - Stock Research Notes

India Cements is rated to ‘buy stocks’ at currently traded price at Rs.85. Checkout the target stock price.

  • 1QFY13 results surprised positively with EBITDA at Rs.280 crore, beating market expectations.
  • Recurring PAT at Rs.90.8 crore has also been ahead of market estimates.
  • Tax rate at 36% was higher than expected. Exceptional items of Rs.45 crore were on account of IPL franchisee and forex related losses.
  • Average sales price at Rs.4460/ton surprised positively and increased 5% qoq. Sales volume at 2.4 million tons missed market estimates by 1%. 
  • Operating costs at Rs.3432/ton was in line but EBITDA/ton at Rs.1043 has beaten market estimates. 
  • Revenue and EBITDA of other businesses were at Rs.138.5 crore and Rs.32.8 crore respectively. 
  • Company has reiterated its guidance on timeline for the commissioning of 50MW CPP (captive power plant) in Andhra Pradesh and Indonesian coal mines by FY13 end. 
  • It seems that the recent talk in the market regarding mergers and acquisitions in the sector is positive to mid-cap players like India Cements as it sets a floor for their valuation and future transactions in the sector. 
  • Currently, the stock trades at an EV/ton of USD 69, which is at a 51% discount to its current replacement cost of USD140/ton, according to analysts’ estimates.
 India Cements is rated to ‘buy stocks’ with a target price of Rs.102 over one year.

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