Heidelberg Cement Q1 Results Review - Mixed Quarter; Maintain Hold: Axis Securities

Axis Securities Report

Heidelberg Cement India Ltd. reported a mixed performance for the quarter. The company experienced a 6% decline in volume, falling short of expectations. Revenue and Ebitda both decreased by 11% and 16% YoY, respectively, primarily due to lower realizations.

Despite this, the Ebitda margin came in at 14.7%, surpassing the expected 13.8%. Net profit stood at Rs 40 crore, slightly below the expectation of Rs 42 crore, and down 24% YoY from Rs 52 crore in Q1 FY24. The quarter’s volume was 1.13 million tonnes per annum, down 6% YoY.

Ebitda per tonne decreased by 11% YoY to Rs 691. Blended realisation per tonne was Rs 4,710, a reduction of 5% YoY and 3% QoQ. Operating costs decreased by 4% YoY and 2% QoQ to Rs 4,019 per tonne, which partially offset the impact of lower prices.

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