Ambuja Cements (Q3 CY13)

India Infoline News Service | Mumbai |

Ambuja Cements (ACL) revenues stood at Rs20bn, below our estimate of Rs22bn.

CMP Rs197, Target Rs151, Downside 24%
  • Volume growth of ~4% yoy restrict revenue de-growth to 7%; Realization declines ~12% yoy 

  • OPM tumbles 10ppts; lower power and freight cost restrict contraction

  • PAT below estimates at Rs1.4bn; down 53.6%

  • Downgrade to SELL with 9-mth price target of Rs151

Result table*
(Rs mn)
Q3 CY13
Q3 CY12
% yoy
Q2 CY13
% qoq
Net sales
20,174
21,752
(7.3)
23,765
(15.1)
Material costs
2,030
462
339.4
1,031
96.9
Personnel costs
1,300
1,151
13.0
1,223
6.3
Power and fuel costs
4,568
5,623
(18.8)
5,560
(17.8)
Freight cost
5,247
5,035
4.2
6,142
(14.6)
Other overheads
4,351
4,262
2.1
4,485
(3.0)
Operating profit
2,678
5,219
(48.7)
5,324
(49.7)
OPM (%)
13.3
24.0
(1072 bps)
22.4
(913 bps)
Depreciation
(1,246)
(1,373)
(9.3)
(1,223)
1.8
Interest
(178)
(166)
7.7
(171)
4.4
Other income
815
894
(8.9)
744
9.6
PBT
2,069
4,575
(54.8)
4,674
(55.7)
Tax
(658)
(1,535)
(57.1)
(1,336)
(50.7)
Effective tax rate (%)
31.8
33.6

28.6

Adjusted PAT
1,411
3,040
(53.6)
3,338
(57.7)
Adj. PAT margin (%)
7.0
14.0
(698 bps)
14.0
(705 bps)
Extra ordinary items
248
-
BSE 264.85 [0.50] ([0.19]%)
NSE 264.10 [1.20] ([0.45]%)

***Note: This is a NSE Chart

 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.