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Dolat Capital Report
Ambuja Cements Ltd. reported realisation, volume and revenue in-line, however Ebitda, Ebitda/tonne and adjusted profit after tax much above estimates.
Ambuja Cements posted 8.4% YoY growth in revenue to Rs 39.3 billion led by 4.8% YoY realisation growth to Rs 5,241/ tonne (up 0.5% QoQ) and up 3.5% YoY volume to 7.49 million tonne.
Ebitda/adjusted profit after tax declined by 19.1%/ 25.5% YoY to Rs 7.9 billion/ Rs 5 billion due to cost pressure.
We expect 9.7%/ 3.9%/ 8.9% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over CY21- 23E led by 6.5%/ 6.5% volume growth and 5.0%/ 1.0% cement realisation growth in CY22E/ CY23E.
We broadly maintain revenue estimates for CY22E/CY23E. However, we increase Ebitda estimates by 35.0%/23.3% and adjusted profit after tax by 39.3%/ 26.5% for CY22E/CY23E respectively factoring Q1 CY22.
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