“ICEM derives three fourths of its cement volumes from the southern region which has been plagued by over supply and demand slump. AP, a key consuming state, after a decline in FY10 has registered a further de-growth of 17% in FY11. Q4FY11 volumes for ICEM were down 13.4% YoY to 2.5mn mt. However, the company benefitted from higher realisations which improved 20% YoY to Rs3,870/mt and resulted in revenues growth of 2.7% YoY to Rs10bn. The company, which is heavily dependent on imported coal, witnessed an ~20% YoY increase in coal costs. Power tariff also increased in states of Tamil Nadu and AP.
136
499
499
800
944
1999
299
599
2186
0
65
100
799
1899
1370
1550
488
930
199
299
298
999
399
799