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