Result Preview: ACC; Ambuja Cement; Cummins India; Emkay research

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Contents: 

Result Preview: ACC; Ambuja Cement; Cummins India;

n        Research Views

Cummins India Q3FY11E result estimates

Post a strong H1FY11, expect Cummins to report muted operational performance in Q3FY11 – partially attributed to high base of Q3FY10.

n    Expect healthy revenue growth at 25% yoy to Rs10.4 bn – led by continued traction in exports.

n    Despite healthy revenue growth, expect EBITDA growth to be muted at 6% yoy to Rs2.0 bn – due to 350 bps yoy drop in EBITDA margins.

n    Expect APAT growth to be subdued at 10% yoy to Rs1.6 bn.

ACC Ltd Q4CY10E result estimates

ACC revenue for Q4CY10 is expected to grow by 5.2% yoy to Rs20.22bn on account of 1.1% growth in cement realization yoy to Rs3623/ton and 4.1% growth in cement volumes at 5.58 mnt. ACC’s EBIDTA at Rs4.17 bn is expected to witness a decline of 14.9% due to increasing P&F & raw material costs. EBIDTA margins are expected to shrink by 487 bps yoy to 20.6%. Consequently APAT for the quarter is expected to decline by 24.0% to Rs2.59 bn.

Ambuja Cement Q4CY10E result estimates

ACL is expected do revenue of Rs18.9bn, growth of 6.9% yoy. On account of volume growth of 3.3% yoy (4.99 mnt) and cement realizations which grew by 3.5% yoy to Rs 3800/t.However EBITDA/t is expected to drop by 6% yoy to Rs845/t though sequentially it is expected to grow by 30%. ACL’s EBITDA is expected to decline by 2.9% yoy to Rs4.22bn with EBIDTA margin shrinking 230 bps yoy but improving 410 bps qoq to 22.2%. PAT for the quarter is expected to grow by 4.4%yoy to Rs 2.52 bn.