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Yes Securities Report
Ambuja Cements Ltd. reported Ebitda beat (our estimate: by up 30%) with sequential growth of up 39%, led by lower-than-expected operating cost (1% decline) Q1 CY22.
Reported revenue growth of up 5% sequentially, aided by up 5% volume growth while net sales realisation remained flat in Q1 CY22.
In the last decade, Ambuja Cements' sluggish capacity expansion (~1.5% versus ~7% compound annual growth rate industry) caused stagnant volumes growth (~2% versus ~6% CAGR industry) that triggered the loss of market/capacity share.
The management now aims for 50 million tonnes per annum capacity in the near term, out of which Ambuja Cements planned the capacity expansion (3.2 mtpa clinker at Chhattisgarh, 3 mtpa grinding unit at Bihar and 3.2 mtpa grinding unit at West Bengal) in the east while commissioning timelines yet to be announced.
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