Ambuja Cements Ltd.'s fourth-quarter revenue rose, meeting analyst estimates.
The Adani-owned firm reported an 8.4% year-on-year increase in revenue at Rs 4,256.31 crore, according to an exchange filing. That compares with the Rs 4,184.9 crore consensus estimate of analysts tracked by Bloomberg.
Ambuja Cements Q4 FY23 Highlights (Standalone, YoY)
Ebitda is down 0.64% to Rs 788.26 crore, as compared with a forecast of Rs 827.14 crore.
Ebitda margin at 18.52% versus 20.20%.
Net profit rises 1.6% to Rs 502.4 crore, as compared with an estimate of Rs 493.48 crore.
The board has approved a final dividend of Rs 2.5 per share, with a face value of Rs 2 each.
The company's auditors issued a 'qualified opinion' in the audit report, citing the ongoing proceedings in the Adani-Hindenburg case, it said in notes to financial statements.
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Adani Group has undertaken a review of transactions mentioned in the Hindenburg report through an independent law firm. The review confirms ACC's compliance with applicable laws and regulations, it said.
The cement company has also foreclosed on the EPC contract as part of the capex plan initiated in Q4. It has recovered its advance of Rs 1,815 crore for the same.
"We are encouraged by the government's increased spending on infrastructure development, particularly roads, railways, affordable housing, and other schemes as announced in the recent Union budget," said Ajay Kapur, chief executive officer at Ambuja Cements.
"We are optimistic and maintain a positive outlook that the government's timely and proactive measures will open more opportunities for the cement sector, which will stimulate cement demand and enhance economic growth."
Shares of Ambuja Cements closed 0.53% lower on Tuesday, as compared with a 0.46% gain in the benchmark NSE Nifty 50.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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