ICICIdirect has maintained 'Hold' on India Cements with revised target price of Rs 110 from Rs 50 as against current market price (CMP) of Rs 100 in its report.

Commenting on the investment rationale, the stock broker said, ''India Cement's Q4FY14 results came in lower than our estimates at the PAT level with net loss of Rs 306 million (vs. I-direct estimate of loss of Rs 27 million) while sales remained in line with our estimates sales volumes and realisations declined 4.8% YoY and 4.6% YoY, respectively.

Cement EBITDA/tonne stood at Rs 388/tonne (adjusted) against Rs 569/tonne in Q4FY13 (decline of 31.8% YoY) mainly due to lower realisation along with increased power cost (up 6.0% YoY to Rs 1,306/tonne) despite a decline in production

During the quarter, the company had exited the CDR mechanism. The cost associated with such an exit amounting to Rs 571 million has been treated as an exceptional item.''

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.