madras cement (Emkay) Results in Line- Maintain ACCUMULATE

30% improvement in realizations drive revenue growth of 8.8%; 4Q EBITDA marginally below estimates- PAT in line; Q4FY11 cement demand in south declined 4% - We lower volumes estimates for MCL, cut FY12 earnings by 3.8%
Date Rating Target Price Recommendation Price Broker house
25 May 2011 accumulate 100 93 Emkay Report

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