Ambuja Cement Q2 Review - Strong Quarter, Fair Valuation: Dolat Capital
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Dolat Capital Report
Ambuja Cement Ltd. reported results above estimates on all fronts.
The company posted 54.9% y-o-y growth in revenue to Rs 33.7 billion led by 51.1% y-o-y volume growth to 6.3 million tonnes and up 2.5% y-o-y (up 5.4% q-o-q) realisation growth to Rs 5,326/tonne.
Ambuja Cement's Ebitda increased by 61.2% y-o-y to Rs 9.6 billion and adjusted profit after tax increased by 59.5% y-o-y to Rs 7.2 billion.
We expect 13.6%/ 18.7%/ 18.9% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over CY20-22E led by 15.8%/ 6.6% volume growth and 3.5%/ 1.0% cement realisation growth in CY21E/ CY22E.
We increase our revenue and Ebitda estimates by 4.6%/ 3.8% and 10.3%/ 9.4% for CY21E/ CY22E factoring H1 CY21 results.
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