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Ambuja Cements – 1QCY2011
For 1QCY2011, Ambuja Cements (Ambuja) posted 10.9% yoy growth in its net sales to
`2,207, aided by growth in volumes and higher realisation. The company’s dispatches for
the quarter stood at 5.64mn tonnes, up 6.8% yoy. Growth in dispatches was aided by a
pick-up in demand across the country during the quarter and due to the increase in the
company’s capacity. Realisation also improved by 3.8% yoy to `3,913/tonne, thereby
aiding top-line growth. On a qoq basis, net sales were higher by robust 23.4% on account
of 10.3% improvement in realisation coupled with 11.9% growth in dispatches. However,
OPM for the quarter was lower by 144bp yoy to 24.2%, largely on account of a steep
increase in power and fuel costs. Power and fuel costs have surged on account of sharp a
increase in coal prices both in the international and domestic markets. On the bottom-line
front, the company’s net profit fell by 11.8% yoy to `408cr. We remain Neutral on the
stock as we believe it is fairly priced.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Ambuja Cements – 1QCY2011
For 1QCY2011, Ambuja Cements (Ambuja) posted 10.9% yoy growth in its net sales to
`2,207, aided by growth in volumes and higher realisation. The company’s dispatches for
the quarter stood at 5.64mn tonnes, up 6.8% yoy. Growth in dispatches was aided by a
pick-up in demand across the country during the quarter and due to the increase in the
company’s capacity. Realisation also improved by 3.8% yoy to `3,913/tonne, thereby
aiding top-line growth. On a qoq basis, net sales were higher by robust 23.4% on account
of 10.3% improvement in realisation coupled with 11.9% growth in dispatches. However,
OPM for the quarter was lower by 144bp yoy to 24.2%, largely on account of a steep
increase in power and fuel costs. Power and fuel costs have surged on account of sharp a
increase in coal prices both in the international and domestic markets. On the bottom-line
front, the company’s net profit fell by 11.8% yoy to `408cr. We remain Neutral on the
stock as we believe it is fairly priced.
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