HDFC Securities: Ambuja Cements Q2 - Strong Cost Controls + Healthy Realisation
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HDFC Securities Report
Ambuja Cements Ltd. delivered earnings beat in Q2 2020 as other expenses fell sharply, cushioning the impact of the Covid-19 led revenue loss.
Standalone revenue/Ebitda fell 27/15% YoY to Rs 21.77/5.95 billion. Dividend income from ACC Ltd, however, buoyed adjusted profit after tax by 10% to Rs 4.53 billion. Volume fell 29% YoY, mainly on the large sales loss in April.
However, execution of pent-up retail demand drove flattish volume growth in May/June. We expect continued traction in retail sales to yield slower volume decline of 10% in second half 2020 versus the 19% YoY fall in first half.
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