Ambuja Cement Q2 Review - Expansion To Improve Near-Term Volumes: Motilal Oswal
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Motilal Oswal Report
Ambuja Cement Ltd.’s Q2 CY21 results highlight the company’s continued focus on cost reduction, leading to the highest ever Ebitda/tonne of Rs 1,495/tonne.
Volumes were up 53% y-o-y to 6.42 million tonne (estimate- 5.93 million tonne) on account of a lower base.
Ambuja Cement's specialty product volumes grew 69% y-o-y.
Cement realisation was up 5.3% q-o-q (up 1.7% y-o-y) to Rs 5,206/tonne versus our estimate of Rs 5,163/tonne; blended realisation was up 5% q-o-q to Rs 5,251/tonne (up 1% y-o-y).
The commissioning of the Marwar–Mundwa capacity by September 2021 should drive a 12% compound annual growth rate in volumes over CY20–23E.
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