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•76% Informative
Weak cement prices and elevated fuel cost got the better of ICEM.
ICEM has embarked on a journey to enhance efficiency and plans to replace old equipment at a few plants over next two years. India continue to value ICEM at 9x FY25E EV/EBITDA and maintain SELL. Original Rs122ICICI Securities Report ryFeed_highLightText__NxlGi">9x FY25E the third consecutive quarter ext__NxlGi">next Q4FY23 ars Rs445mn class="summaryFeed_hig Q3FY23 Text__NxlGi">last Rs615mn span Q4FY22 an class="summaryFeed ~5% g YoY ghtText__NxlGi">50% first Rs1.75bn hLightText__NxlGi">the full year
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84
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