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Ambuja Cements : Strong Quarter Led By North & East India ......
Reco : Hold
Cmp : 165
Target : 173
Ambuja reported its highest ever quarterly EBITDA of Rs 7.7 bn driven by strong cement price recovery in East and North India . Q1CY12 EBITDA and adj. PAT at Rs 5 bn (up 23% YoY) were in line with our estimates. Blended EBITDA/t for the quarter was strong at Rs 1,270 vs. Rs 1,110 in Q1CY11.
Key highlights
Sales volumes:
Improved 7% YoY to 6.1 mnt. Blended realization/ tonne rose 12% YoY to Rs 4,400.
Rising costs:
Overall COP rose 10% YoY to Rs 3,122/t, driven by higher freight (up 10% YoY) and power costs (up 21% YoY).
Change in depreciation policy: Ambuja (like ACC) changed its depreciation policy for its captive power plants from straight line to WDV method retrospectively. This led to one-time extraordinary cost of Rs 2.8 bn. Adjusted for this and the corresponding tax benefit, PAT was 5.0 bn (up 23% YoY). Read detailed report
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