Birla Corp Q4 Review - Expansion To Support Decent Growth: Dolat Capital

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Dolat Capital Report

Birla Corporation Ltd. reported mix bag of results where revenue and adjusted profit after tax were above estimates but Ebitda in line.

Volume was above estimates but the realization and Ebitda/tonne below estimates.

The company posted 26.2%/ 13.8%/ -0.2% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 21.3 billion/ Rs 3.9 billion/ Rs 1.8 billion in Q4 FY21 led by up 24.5% YoY growth in volumes coupled with up 0.8% YoY realization growth (up 1.8% QoQ) to Rs 4,856/ tonne.

We expect 16.2%/ 17.1%/ 17.3% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY21-23E led by 14.1%/ 17.0% volume growth and 0.2%/ 1.0% cement realization growth in FY22E/ FY23E.

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