Visit http://indiaer.blogspot.com/ for complete details ACL (Rating – Sell; Target Price – Rs100)
We believe Q3CY10 sales will de-grow 2.8% YoY to Rs15,825mn. EBIDTA and PAT are expected
to de-grow 13.7% and 21.1% to Rs3, 931mn and Rs2, 250mn, respectively.
Sales are expected to be driven by the 5% volume growth to 4.31mt and 9.2% YoY decline in
blended realization to Rs3,568/tonne.
Lower purchase of clinker is expected to be offset by a fall in realization and cost push, leading
to lower contraction in EBIDTA margin by 3.12pp YoY to 6.14 pp QoQ.
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