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Ambuja Cements Ltd announces Q3 CY2019 results

Posted On: 2019-10-19 00:08:19

Strong profit growth in July-September 2019 quarter

- Net Profit After Tax (PAT) up by 31%
- EBITDA higher by 23%
- EBITDA Margin at 17.2%; up by 300 bps

"In the backdrop of general slowdown in economy and subdued construction activity, Ambuja has delivered yet another quarter of good EBITDA and PAT growth despite lower volumes. This has been possible with a clear focus on product mix enrichment and reduction in logistics costs. Premium products registered a growth of 17% year on year and the company maintained its progress on fossil fuel substitution with alternative fuels and renewable energy. With these efforts, I am happy to announce that Ambuja Cement is now ranked 4th in the global Dow Jones Sustainability Index rankings, emphasizing our strong focus on sustainability.

I am also happy to report significant progress at our greenfield project site in Marwar Mundwa." said Bimlendra Jha, Managing Director and CEO.

Financial Performance

Net Sales stood at Rs. 2,556 crore compared Rs. 2,522 crore in the corresponding quarter of the previous year. Cement realisation registered a growth of ~5% year on year. Freight & forwarding costs saw reduction year on year on account of network optimization, contract re-negotiation and logistics efficiencies.

For the quarter operating EBITDA stood at Rs. 440 crore against Rs. 358 crore in the corresponding quarter of the previous year.

Highlights for Consolidated results July to September 2019 (versus July to September 2018)

- Net Profit After Tax (PAT} up by 34%
- EBITDA higher by 24%
- EBITDA Margin at 16.8%; up by 310 bps

Performance of Material Subsidiary - ACC Limited

Net Sales during the quarter went up by 3% to Rs. 3464 crore compared to Rs. 3,364 crore for the same quarter last year. Operating EBITDA for the quarter grew strongly by 26% year on year to reach Rs. 557 crore.

Outlook

Recent reforms announced by the Government, i.e. sharp cut in corporate tax, aggressive divestment plan coupled with the Reserve Bank of India's latest interest rate cuts, ought to augur well for the economy. These measures should support growth and hence boost cement demand. Healthy monsoon bodes well for rural housing demand which is a key segment for cement. The above factors along with higher spends in infrastructure and affordable housing are also expected to favor demand.

Shares of AMBUJA CEMENTS LTD. was last trading in BSE at Rs.207 as compared to the previous close of Rs. 206.8. The total number of shares traded during the day was 151220 in over 1569 trades.

The stock hit an intraday high of Rs. 209.8 and intraday low of 206.35. The net turnover during the day was Rs. 31396329.


Source: Equity Bulls

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