Ambuja Cement Q4 Review - Expansion To Improve Near-Term Volumes: Motilal Oswal
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Motilal Oswal Report
Ambuja Cement Ltd.’s Q4 CY20 result highlights gradual normalization of fixed costs curtailed due to the Covid-19 pandemic.
Capacity constraints resulted in below industry growth in volumes at 8% YoY.
Commissioning of Marwar-Mundwa capacity (in Q2 CY21) should help volume grow in line with the industry at 11% compound annual growth rate over CY20-22E.
Revenue/Ebitda/adjusted profit after tax stood at Rs 35.2 billion/Rs 7.7 billion/Rs 5 billion, up 12%/40%/52% YoY and up 2%/down 7%/down 5% against our estimate.
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