reports
- Bhoomika Nair
Ambuja Cement's Q2CY19 results (Outperformer) - Strong realisations dr...
Q2CY19 result highlights Adj PAT fell 17.5% yoy to Rs4.12bn: on lower other income (Rs1.4bn ACC dividend in 2Q18). Operational performance strong on realisations. Volume declined 8.4% yoy: to 5.87mn tons (incl clinker) led by weak demand scenario across regions, particularly in West. This was caused by slowdown in execution of projects due to general elections. Hence, utilisation declined to 79% vs 87% in 2Q18. Realisations spike: by +7.8% yoy at Rs5074/t (+Rs492/t qoq) due to sharp price h...
MOSL: AMBUJA CEMENTS (Neutral)-Profitability miss on account of lower ...
Ambuja Cements: Profitability miss on account of lower realizations (ACEM IN, Mkt Cap USD6.3b, CMP INR221, TP INR211, 4% Downside, Neutral) Volumes, realizations below estimates: Volumes increased 2.4% YoY to 6.37mt (below our estimate of 6.53mt) in 1QCY19. Realizations declined 1.6% QoQ to INR4,596/t (our estimate: INR4,761), led by weaker prices in the core markets. Revenue, thus, increased by only 2% YoY to INR29.3b (our estimate: INR31b). Profitability supported by lower costs: Cost/t d...
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