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Buy Birla Corporation; target of Rs 1290: Motilal Oswal appeared on www.moneycontrol.com by .
Buy
Motilal Oswal’s research report on Birla Corporation
BCORP’s 4QFY23 operating performance was above our estimates, driven by higher cement realization and lower opex/t. Consolidated EBITDA stood at INR2.7b v/s estimated INR2.5b. EBITDA/t came in at INR618 v/s estimated INR563. Adj. PAT stood at INR712m v/s estimated INR485m. The Mukutban plant turned EBITDA positive in Mar’23 with monthly volume of 0.10mt (capacity utilization of ~31%). The aim is to achieve average monthly volume of 0.15-0.16mt with exit-monthly volume of 0.20mt in FY24. The management targets EBITDA/t of INR850 (including Mukutban plant) and volume growth of 15% YoY in FY24.
Outlook
We maintain our earnings estimates for FY24/FY25 and remain watchful for the performance of Mukutban unit. We value BCORP at 8.5x FY25E (v/s Sep’24 earlier) EV/EBITDA and revise the TP to INR1,290 (from INR1,180).
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