Ambuja Cements Q1 Review - Consistent Performance; Re-Rating To Continue: Prabhudas Lilladher
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Prabhudas Lilladher Report
Ambuja Cements Ltd. delivered earnings beat for fifth consecutive quarter.
Ebitda grew 62% YoY at Rs 9.8 billion with a beat of 31%/34% on our/consensus estimates.
The beat was largely driven by lower than expected costs. Management’s aggressive guidance on new expansions (69% increase in capacity to 50 million tonne) and cost reduction reinforces our positive outlook on the company.
Ongoing expansion of 11 million tonne (including 6mnt in subsidiary, ACC Ltd.) and further potential of 15mnt capacity with 5mnt each at the company’s Maratha, Bhatapara and Rabriyawas plants, would help address investor concerns on volume growth.
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