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Centrum Broking Report
Ambuja Cements Ltd.'s Q4 FY23 earnings performance reported marked improvement in terms of higher volumes, controlled costs, better margins and improved balance sheet.
The management reiterated its stance of doubling the capacity by FY28 from 67 million metric tonne to 140 million metric tonne, however, near term capex is facing delays and equipment orders have not been placed for clinker expansion.
We believe that Ambuja Cement will deliver further improvement in cost structure by Rs 250-300/mt over the next two years but 70 million metric tonne capacity addition over five years is an extremely difficult task.
The group's consolidated cash balance has improved from Rs 95 billion to Rs 115 billion on account of release of working capital and better operating cash flows.
We believe that the management has addressed the concerns related to cash on its books and capex and we expect further announcements on capex timelines in near term.
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