will government's massive surge in investment ... - Myiris.com

Apr-Jun 2013 Earnings Preview
Summary Financials ‐ Quarterly (Rs m)
Q1FY14E Q1FY13 YoY gr. (%) Q4FY13 QoQ gr. (%) 12MFY14E 12MFY13 YoY gr. (%)
Sales 27,343 29,190 (6.3) 29,111 (6.1) 56,454 59,169 (4.6)
ACC
EBITDA 3,693 6,503 (43.2) 4,466 (17.3) 8,159 12,510 (34.8)
Margins (%) 13.5 22.3 (877)bps 15.3 (184)bps 14.5 21.1 (669)bps
PAT 2,569 4,168 (38.4) 2,975 (13.7) 5,543 8,090 (31.5)
Sales 23,499 25,669 (8.5) 25,448 (7.7) 48,948 51,984 (5.8)
Ambuja Cement
EBITDA 4,631 7,223 (35.9) 5,118 (9.5) 9,749 14,693 (33.6)
Margins (%) 19.7 28.1 (844)bps 20.1 (41)bps 19.9 28.3 (835)bps
PAT 3,057 4,689 (34.8) 4,494 (32.0) 7,551 9,697 (22.1)
Sales 14,487 14,553 (0.5) 14,568 (0.6) 56,890 58,981 (3.5)
Shree Cement
EBITDA 3,761 4,812 (21.8) 4,054 (7.2) 15,697 16,239 (3.3)
Margins (%) 26.0 33.1 (710)bps 27.8 (186)bps 27.6 27.5 6bps
PAT 1,757 3,516 (50.0) 2,741 (35.9) 9,234 6,308 46.4
Sales 49,306 50,719 (2.8) 53,892 (8.5) 225,063 200,181 12.4
Ultratech Cement
EBITDA 10,804 12,918 (16.4) 11,993 (9.9) 51,886 45,227 14.7
Margins (%) 21.9 25.5 (356)bps 22.3 (34)bps 23.1 22.6 46 bps
PAT 6,144 7,784 (21.1) 7,261 (15.4) 30,716 26,554 15.7
Source: Company Data, PL Research ACC & Ambuja Cement ‐ Y/e Dec; Shree Cement ‐ Y/e Jun
Consolidated Sectoral Data
Key Figures (Rs m)
2013 2014E 2015E
Net Sales 465,126 508,910 566,156
Growth (%) 9.3 9.4 11.2
EBITDA 105,108 112,799 128,462
Margin (%) 22.6 22.2 22.7
PAT 64,145 68,331 78,387
Growth (%) 24.9 6.5 14.7
PE (x) 18.4 17.3 15.1
Quarterly Table (Rs m)
Apr‐Jun'13 Apr‐Jun'12 YoY gr. (%) Jan‐Mar'13 QoQ gr. (%)
Net Sales 114,634 120,131 (4.6) 123,020 (6.8)
EBITDA 22,888 31,455 (27.2) 25,631 (10.7)
Margin (%) 20.0 26.2 (622)bps 20.8 (87)bps
PAT (Excl. Ex Items ) 13,527 20,156 (32.9) 17,471 (22.6)
Note: Revenue, EBITDA and PAT numbers are arrived by totaling corresponding numbers of all companies under our coverage in this
sector.
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