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Nirmal Bang Report
Star Cement Ltd.'s overall revenue for Q3 FY24 came in lower than our estimate by 2.6% YoY (actual/estimated: Rs 6,514 million/Rs 6,687 million) due to a decline in operating costs by ~2% YoY.
The management expects revenue and volume growth to continue to be reasonably strong when compared to other markets. Star Cement substantial market penetration has been aided by its strong financial position and a large distribution network across its business locations.
We maintain 'Accumulate' on Star Cement and value it at 10 times December 25E enterprise value/Ebitda, with a target price of Rs 192.
Key risks: market share loss, with larger players bolstering their presence in the market.
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