Ambuja Cements Q4 Results Review - QoQ Better Quarter, Fair Valuation: Dolat Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Dolat Capital Report.Ambuja Cement Ltd. reported revenue in line, however realisation below estimates whereas volume, Ebitda, Ebitda/tonne and adjusted profit after tax above estimates. Ambuja Cement posted +10.4% YoY (+12.3% QoQ) revenue to Rs 41.3 billion led by +7.5% YoY (+8.5% QoQ) volume to 7.7 million tonne coupled with +2.6% YoY (+3.6% QoQ) realisation/tonne to Rs 5,362. Ebitda/adjusted profit after tax +9.8%/ +28.2% YoY to Rs 6.3 billion/ Rs 4.1 billion. We broadly maintain our revenue estimate for FY23E, but increase Ebitda/ adjusted profit after tax factoring 12 months-FY23 numbers. However, change in estimates is not comparable for FY24E/ FY25E factoring removal of earlier assumption of 30 million tonnes per annum/ 10 mtpa inorganic capacity expansion for FY24E/ FY25E. We expect 7.4%/ 6.3%/ 3.7% revenue/ Ebitda/adjusted profit after tax compound annnual growth rate over CY21-FY25E led by 38.9%/ -19.4%/ +7.9% volume growth and 2.7%/ 0.0%/ 0.0% cement realisation growth in FY23E/ FY24E/ FY25E..Click on the attachment to read the full report:.More Research Reports On Ambuja Cement's Q4 Results Review.Focused Efforts Towards Efficiencies To Bridge Valuation Gap With Leaders: Yes SecuritiesFocus On Cost Efficiencies; Clarity On Capex Missing: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Ambuja Cements Q4 Results Review - QoQ Better Quarter, Fair Valuation: Dolat Capital

We factor 1.5 /6.2mtpa capacity addition through organic route in FY24E/ FY25E.

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