Ambuja Cements Ltd.|Q3CY14 Result Update-:: IndiaNivesh

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
For Q3CY14, Ambuja cement net revenue increased y-o-y by 9.1% to Rs 22.02 bn
(vs our estimate of Rs 23.94 bn) on back of impressive jump in blended realisation
by 10.4% to Rs 4,684. High employee cost and other expenses dragged the EBITDA
margin of the company by 374 bps to 17.9%. With q-o-q fall in top-line and EBITDA
margin, Ambuja cement reported a fall of 33.1% in EBITDA to Rs 3,934 mn (vs our
estimate of 3,264 mn). Q-o-Q rise in depreciation by ~5% to Rs ~1,301 mn and
62% fall in other income to Rs ~307 mn, causes the adjusted net profit (adjusted
for exceptional item) to decline by 41.5% to Rs 2,391 (vs our estimate of Rs 1,802
mn)

Mix show on despatches and realisation:
Ambuja cement total despatches for the quarter dropped by 19.3% q-o-q and 1.1%
y-o-y to 4.67 mnt. Blended realisation remained flat on q-o-q basis; however it has
improved significantly on y-o-y basis by 10.4% to Rs 4,684. Due to lower q-o-q
despatches, net revenue has declined on q-o-q basis. Increase in realisation on y-o-y
basis has helped the company in showing 9.2% top-line growth on y-o-y basis to Rs
21.88 bn

LINK
http://www.indianivesh.in/Admin/Upload/635503436197430000_Ambuja%20Cements_Q3CY14%20Result%20Update.pdf