Ambuja Cements Q3 Review - Costs Inflation-Led Performance Miss: Reliance Securities
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Reliance Securities Report
Ambuja Cements Ltd. reported a performance miss despite resilient realisations, mainly due to a steeper-than-expected jump in input costs.
Ebitda (excluding other operating income of Rs 443 million) stood at Rs 6.59 billion (up 5% YoY and down 29% QoQ), below our estimate of ~Rs 7.18 billion.
Ebitda/tonne stood at Rs 1,063 versus Rs 1,111 in Q3 CY20 and Rs 1,449 in Q2 CY21.
Notably, Ambuja Cements' sharp 9% QoQ jump in operating cost/tonne at Rs 4,087 resulted in lower operating profit.
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