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Thursday, June 4, 2009

India Cements Ltd:-Future growth prospects and outlook

SCripscan:India Cements Ltd
Traded in:Bse-nse

Story:The company is expected to post 20.3% and 13.2% y-o-y growth in revenue for ICL in FY09E and FY10E, respectively. EBITDA is estimated at Rs 1,060 crore and Rs 1,070 crore in FY09E and FY10E, respectively, resulting in EBITDA margins of 29.0% and 25.7% in that order. ICL undertook corporate debt restructuring (CDR) in FY03,when the cement industry was passing through difficult times and ICL had debt:equity of 4.4x. As the cement sector''s prospects improved, ICL repaid most of its debt and its debt:equity stood at 0.5x in FY08. Subsequent to the CDR, the company has done equity issues that have led to a large capital base, thereby lowering sustainable return on capital employed (RoCE) at the corporate level to 11.8%. ICL is the key player in the South, where it enjoys higher realisations and consumption growth of 11.74%, compared to the all-India growth rate of 10% in FY08.ICL currently trades at 5.7x EV/EBITDA, P/E of 8.1x and EV/tonne of $98 for FY10.Looks to be a good bet to own at dips.

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