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IDBI Capital Report
Ambuja Cements Ltd. Q1 CY21 Ebitda came in 13% higher than our estimate.
Ebitda/tonne expanded to Rs 1,362/tonne and it was supported by lower costs and operating leverage benefit from the volume growth.
Overall, the cost saving is better than our estimate, as freight/tonne was lower QoQ (benefit from master supply agreement, Paravt initiatives), employee cost is lower on QoQ and YoY basis.
We have factored better than estimated result in CY21 and CY22 and increase the Ebitda by 5% per annum.
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