Heidelberg Cement India

Heidelberg Cement India (ICICI securities) Muted volume, high costs erode bottomline

Sales volume down ~12% QoQ, realisation up ~4% QoQ;EBITDA per tonne declines significantly on higher costs

Date	Rating	Target Price	Recommendation Price	Broker house
26 Jul 2011	buy	51	36	ICICI securities Report

heidelberg cement india (ICICIsec) Increase in realisation drives margins.

Sales volume up ~25% QoQ, realisation up ~15% QoQ; Sales volume up ~25% QoQ, realisation up ~15% QoQ

Date	Rating	Target Price	Recommendation Price	Broker house
2 May 2011	hold	51	47	ICICI securities Report

heidelberg cement india (ICICIsec) Doubling capacity in favourable region

Date	Rating	Target Price	Recommendation Price	Broker house
23 Mar 2011	buy	44	39	ICICI securities Report

Heidelberg Cements (ICICIsec)

Date	Rating	Target Price	Recommendation Price	Broker house
4 Nov 2010	Unrated	--	50	ICICI securities Report

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