Ambuja Cements Q3 Review - Higher Than Expected Operating Costs Led To Ebitda Miss: Systematix
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Systematix Research Report
Ambuja Cements Ltd.'s Q3 CY21 Ebitda at Rs 7 billion (up 3.4% YoY, down 26.7% QoQ) was 10.3% below our estimates.
Revenues at Rs 32.4 billion were higher by 13.5% YoY led by volume/net sales realisation growth of 5.8%/7.7% YoY.
Cement sales volumes at 6.0 million tonne were up 5.8% YoY and lower by 5.2% QoQ. Cement net sales realisation at Rs 5,322/tonne was up 7.7% YoY and 0.8% QoQ.
Ambuja Cement’s Ebitda/tonne at Rs 1,172 (down 2.3% YoY, down 22.7% QoQ) was 7.8% below our estimates owing to higher-than-expected other unit expenses (Rs 881 versus Rs 776 estimated) and unit logistics costs (Rs 1,325 versus Rs 1,258 estimated).
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