By Aditya Raghunath
Investing.com -- Mid-cap cement company HeidelbergCement (DE: HEIG ) India Ltd (NS: HEID ) has received a thumbs up from multiple brokerages including ICICI Securities on the back of strong results for the March 2021 quarter a good outlook for the future.
The company reported a total income of Rs 614.72 crore for the March 2021 quarter, up 16.69 % from the corresponding quarter last year where it reported Rs 526.79 crore in total income. Heidelberg reported a net profit of Rs 139.99 crore in the March 2021 quarter.
ICICI Securities Ltd (NS: ICCI ) has given the stock a target price of Rs 290, a 15% upside from its current levels of Rs 252. It said, “HEIM is a play on fast-growing, better-priced and highly consolidated Central India market, which could see further margin expansion, in our view. We broadly maintain our FY22E-FY23E EBITDA. Given strong profitability and return ratios, we raise our target multiple to 8x EV/E (earlier: 7x).”
Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, in an interview with Economic Times, said, "I believe that cement companies having production facilities and capacity in the central and eastern part of India will continue to benefit disproportionately amongst the cement manufacturers." He said Heidelberg Cement is one of his favourites in this space.
Yes Securities has given the stock a target of Rs 272.
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