Mangalam Cement reported a mixed set of numbers for 2QFY2015. Its top-line grew 61.9% yoy to Rs 2.39 billion on the back of volume growth and stable realizations. The company's EBITDA margin jumped by 480bp yoy to 9.7%, but it was below our estimate of 12.8%, due to higher power and fuel & freight costs.

Commenting on the result, Shrenik Gujrathi, sr. research analyst, cement, Angel Broking, said, ''The bottom-line for the quarter jumped by 80% yoy to Rs 46 million. The PAT margin came in at 1.9%, up 20bp yoy, but was below our estimate of 2.4%. We maintain our Buy rating on the stock with a target price of  Rs 337.''

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