Ambuja Cement Q3 CY2 Result Review - Market Share Sustenance Key For Rerating: ICICI Securities
Men on a motorbike pass by an advertisement for Ambuja Cements Ltd. in India. (Photographer: Dhiraj Singh/Bloomberg)

Ambuja Cement Q3 CY2 Result Review - Market Share Sustenance Key For Rerating: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Ambuja Cement Ltd.’s Q4 CY20 standalone Ebitda at Rs 7.7 billion (up 40% YoY) was higher than our estimates led by better than realisation, which remained broadly flat QoQ (up 6% YoY) vs our estimate of 2% QoQ decline.

Accordingly, Ebitda/te increased 30% YoY to Rs1,089/te (I-Sec: Rs1,010/te).

Total cost/te declined 1.5% YoY owing to various operational efficiencies, although it grew 1.7% QoQ due to higher fuel/diesel costs.

Variable cost/te was flat YoY with other expenses/te down 8% YoY.

Click on the attachment to read the full report:

ICICI Securities Ambuja Cement Q4 CY20 Result Review.pdf

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