Dolat Capital: Ambuja Cement Delivers Multi-Quarter High Ebitda/Tonne
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Dolat Capital Report
Ambuja Cement Ltd.’s results were above estimates on all fronts particularly on Ebitda, Ebitda/tonne and adjusted profit after tax.
Ambuja Cement posted 27% YoY de-growth in revenue to Rs 21.8 billion due to 28.0% YoY volume de-growth to 4.2 million tonne and 1.3% YoY (5.8% QoQ) realization growth to Rs 5,195.
Ambuja Cement’s network optimization gained momentum due to acceleration of Master Supply Agreement (MSA) with ACC Ltd. Economic activities have picked up post government's decision to unlock the country. Cement demand is also expected to rebound on account of normal monsoon, various policy support measures taken to enhance rural and agricultural incomes. Further, continued spend on infrastructure development and affordable housing is expected to boost demand growth in the mid-term.
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