Sanghi Industries Ltd. share price target

Sanghi Industries (SNGI) reported EBITDA/t of Rs 899 (vs. estimated Rs 781/t, 74.2% YoY, 30,5% QoQ). This was driven by an improvement in cement pricing (~6% QoQ) and continued low operating costs.

Sanghi Industries (SNGI) reported EBITDA/t of Rs 796 (vs. estimated Rs 888/t, 46.9% YoY, 65.9% QoQ). This was driven primarily by miss on realisations (Rs 3,906/t, 4.6% YoY, -3.9% QoQ), which suffered because of weakness in December. Volume ramp-up (cement volumes up 10.6% YoY to 0.61) and decline in P&F; costs (lower imported coal prices) led to a moderation in cement costs (-2.6% YoY, not comparable QoQ).

Sanghi Industries (SNGI) reported EBITDA/t of Rs 480 (vs. estimated Rs 465/t). Volumes improved 34% YoY (0.53 mT, nil clinker) as the new grinding capacity (1.2 mTPA) contributed to some extent. Unit costs appear higher due to seasonally lower volumes (Q1 contributed only 17% in FY15), clinker purchase (plant shutdown) and DMF contributions (Jan-Jun provision being a one-off).

Sanghi Industries (SNGI) reported a tepid quarter with EBITDA/t at Rs 516 (-45.1% Y-o-Y, -40.1% Q-o-Q). Blended realisations trended lower (Rs 3,669/t -6.5% Y-o-Y, -11.0% Q-o-Q) and the sharp sequential decline could be attributed to higher clinker volumes (0.11 mT vs. nil in 3QFY15).

Sanghi Industries (SNGI) reported a strong quarter with EBITDA/t at Rs 871 ( 3.6% YoY, 59.1% QoQ). Blended realizations trended higher (Rs 4,167/t 6.5% YoY, 10.5% QoQ) as a result of negligible clinker volumes (vs 0.14 mT YoY).

Sanghi Industries (SNGI) reported a weak quarter with EBITDA/t at Rs 547 ( 16.5% YoY, -32.9% QoQ). This was largely led by weak pricing (Blended realizations: -16% QoQ, 12.7% YoY) and tepid volumes (-25% YoY).