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IDBI Capital Report
Ambuja Cement Ltd. Q4 CY20 Ebitda was 8% higher than our estimate.
Beat is driven by the volume growth of 7% year on year.
Post the result, we have increased volume growth expectations for ACEM.
This has increased Ebitda estimate by 2%/6% for CY21/22E.
Revenue in Q4 has increased by 12% year on year to Rs 35 billion and is led by volume increase of 8% year on year and realisation increase of 4% year on year.
Absolute Ebitda has increased by 30% year on year to Rs 7.7 billion.
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