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Ambuja Cements (Q3 CY13)

Ambuja Cements (ACL) revenues stood at Rs22bn, below our estimate of Rs23.2bn.

February 10, 2014 5:06 IST | India Infoline News Service
CMP Rs156, Target Rs140, Downside 10.3%
  • Top-line declines 5.4% yoy on back of lower realization

  • Higher RM cost and lower realization translate into a 5ppts fall in OPM

  • PBT below estimate at Rs2.6bn (down 22% yoy); tax write back of Rs610mn cushions the fall in EBIDTA

  • Maintain SELL with a revised 9-month price target of Rs140

Result table*
(Rs mn)
Q4 CY13
Q4 CY12
% yoy
Q3 CY13
% qoq
Net sales
22,094
23,352
(5.4)
20,174
9.5
Material costs
2,150
1,433
50.0
2,030
5.9
Personnel costs
1,197
1,367
(12.4)
1,300
(8.0)
Power and fuel costs
5,007
5,473
(8.5)
4,568
9.6
Freight cost
5,781
5,816
(0.6)
5,247
10.2
Other overheads
4,890
4,764
2.7
4,351
12.4
Operating profit
3,070
4,501
(31.8)
2,678
14.6
OPM (%)
13.9
19.3
(538 bps)
13.3
62 bps
Depreciation
(1,228)
(1,855)
(33.8)
(1,246)
(1.4)
Interest
(169)
(243)
(30.2)
(178)
(5.0)
Other income
882
881
0.1
815
8.3
PBT
2,556
3,284
(22.2)
2,069
23.5
Tax
610
(1,164)
-
(658)
-
Effective tax rate (%)
(23.9)
35.5
-
31.8
-
Adjusted PAT
3,165
2,120
49.3
1,411
124.3
Adj. PAT margin (%)
14.3
9.1
525 bps
7.0
733 bps
Extra ordinary items


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