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Ambuja Cement Ltd.’s reported realisation in-line however revenue, volume, Ebitda, Ebitda/tonne and adjusted profit after tax below estimates.
The company posted 6.3% YoY growth in revenue to Rs 37.4 billion led by 1.6% YoY volume growth to 7.16 million tonne and up 4.6% YoY realisation growth to Rs 5,217/ tonne.
Ebitda/adjusted profit after tax declined by 26.0%/36.2% YoY to Rs 5.7 billion/ Rs 3.2 billion due to cost pressure.
We expect 8.4%/ 3.2%/ 7.7% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over CY21- 23E led by 6.5%/ 6.5% volume growth and 2.5%/ 1.0% cement realisation growth in CY22E/ CY23E.
Ambuja Cement started its growth plans (which was lacking historically – the company added 1.65 million tonnes per annum during CY12-CY20) to expand capacity from 29.7 mtpa to 50 mtpa.
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