Birla Corp Q3 Review: Expansion To Support Decent Growth: Dolat Capital 

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Dolat Capital Report

Results were broadly in line but profit after tax above estimates.

Birla Corporation Ltd. posted 3.6%/11.9%/82.1% YoY growth in revenue/Ebitda/profit after tax to Rs 17.8 billion/Rs 3.3 billion/Rs1.5 billion in Q3 FY21 led by 3.2% YoY growth in volumes, coupled with 0.9% YoY realisation growth (down 2.2% QoQ) to Rs 4,770/tonne.

We expect 9.5%/11.8%/15.5% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY20-23E led by down 4.1%/14.8%/18.0% volume growth and 0.4%/0.5%/1.0% cement realisation growth in FY21E/FY22E/FY23E.

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