India Cements Q3 Results Review - Efficiency Improvement Plans Still Work In Progress: Yes Securities

Yes Securities Report

India Cement Ltd.'s reported a revenue decline of 11% YoY as volume de-grew by 9% YoY and 2% net sales realisation fall in Q3 FY24.

However, the Ebitda improved significantly to Rs 488 million (Rs 246/tonne) in Q3 FY24 from loss of Rs 596 million in Q3 FY23. This performance largely backed by the moderating total cost by 10% YoY, which is driven by eased power cost by 30% YoY during the quarter.

India Cement reported adjusted profit after tax of Rs 7 million in Q3 FY24 as compared to Rs 1.3 billion in Q3 FY23 as company reported sale of assets of Rs 260 million in Q3 FY24 and Rs 2.94 billion during Q3 FY23.

Management guided margin recovery with the easing of fuel cost and optimizing supply-chain efforts (Rs 200/tonne through BCG consulting).

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