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Birla Corporation Ltd.’s Q1 FY23 earnings were above our estimate led by higher volume/realisation (3%/2% beat); Ebitda/operating profit margin/profit stood at Rs 2.6 billion/12%/Rs 736 million (our estiamte: Rs 2.3 billion/11%/Rs 418 million), respectively.
The Mukutban plant started commercial production from April 30, 2022 and should achieve Ebitda break-even by end-FY23.
Birla Corp’s cement Ebitda/tonne would have been Rs 751 (versus reported Rs 645), excluding start-up costs of this plant.
We raise our FY23E/FY24E Ebitda by 7% each on higher volume/realisation, thus driving our earnings per share increase of 43%/22%, respectively.
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