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Dolat Capital Report
Ambuja Cements Ltd. reported results beat on estimates, however realization below estimates.
Ambuja Cements posted +8.4% YoY (+3.1% QoQ) revenue to Rs 42.6 billion led by +8.1% YoY (+5.2% QoQ) volume to 8.1 million tonne, which was partially offset by +0.2% YoY (-2.0% QoQ) realisation/tonne to Rs 5,255. Ebitda/ adjusted profit after tax -0.6%/ +17.9% YoY to Rs 7.9 billion/ Rs 5.8 billion.
We broadly maintain our revenue estimates for FY24E/ FY25E, however increase Ebitda estimates for FY24E/ FY25E factoring lower cost.
Accordingly, we increase adjusted profit after tax estimates by 8.3% for FY24E and maintain adjusted profit after tax estimates for FY25E.
We expect -7.0%/ +12.5%/ -1.6% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY23- FY25E led by -16.4%/ +5.2% volume growth and -1.5%/ 0.0% cement realisation growth in FY24E/ FY25E.
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