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Dolat Capital Report
Ambuja Cements Ltd. reported volume, revenue in line, however realisation above estimates whereas Ebitda, Ebitda/tonne and adjusted profit after tax below estimates.
Ambuja Cements posted 13.4% YoY growth in revenue to Rs 36.7 billion led by 8.7% YoY (down 8.8% QoQ) volume to 6.7 million tonne coupled with up 4.3% YoY (up 0.8% QoQ) realisation/tonne to Rs 5,446.
Ebitda/adjusted profit after tax -56.7%/ -65.3% YoY to Rs 3.0 billion/ Rs 1.5 billion.
We expect 33.7%/ 30.4%/ 15.2% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over CY21-FY25E led by 349%/ 40.6%/ 20.1% volume growth and 5.0%/ 0.0%/ 0.0% cement realisation growth in FY23E/ FY24E/ FY25E.
We introduce FY25E. However, change in estimates is not comparable factoring change in accounting year from CY to FY; 15 months in FY23E and significant capacity addition (versus earlier).
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