Birla Corp Q3 Review - Expansion Plans Provide Growth Visibility: Motilal Oswal 

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Motilal Oswal Report

Birla Corporation Ltd.’s revenue/Ebitda (adjusted)/profit after tax stood at Rs 17.8 billion/Rs 3.6 billion/Rs 1.5 billion, up 4%/23%/ 81% YoY and was 3%/ 8%/ 16% below our estimate.

Reported Ebitda came in at Rs 3.3 billion due to a provision of Rs 0.32 billion towards certain receivables from government authorities. There was also a one-time other income of Rs 0.32 billion on finalization of power tariff pertaining to earlier years.

We have adjusted the same as an exceptional item.

Cement volume grew 3% YoY to 3.55 million tonne (in line with our estimate).

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