BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Ambuja Cements Ltd.’s performance was impacted by continued cost pressures. Ebitda stood at Rs 3 billion (our estimate: Rs 4.1 billion).
Ambuja Cements' Ebitda/tonne stood at Rs 433 (our estimate: Rs 594) – the lowest after December 2004, as opex/tonne came in 2% above our estimate due to a sharp rise in other expense. Adjusted profit after tax fell 65% YoY to Rs 1.5 billion (our estimate: Rs 1.9 billion).
We have adjusted our estimates to account for the change in the accounting year (March from December).
On a like-to-like basis, we reduce our CY22/ CY23 Ebitda estimate by 7%/9% and profit estimate by 3%/14%.
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