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ICICI Direct Report
Star Cement reported strong operational performance in Q4FY23. Volumes grew 7.4% YoY to 1.2 MT with healthy capacity utilisation rate of 88% (vs. 81%). Volumes in NER grew 13% YoY to 0.9 MT (100% utilisation levels), whereas volumes in the eastern region (Siliguri) declined 6% YoY to 0.32 MT (65% utilisation levels). Realisations declined 2% QoQ to | 6680/t owing to weak pricing environment in the industry. The management indicated that it has taken price hike of | 10-12/bag in NER but pricing outside NER (east Bihar & North Bengal) continues to remain weak (prices declined by | 10-12/bag)
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