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Ambuja Cements Ltd.’s performance was impacted by continued cost pressures. Ebitda stood at Rs 3 billion (our estimate: Rs 4.1 billion).
Ambuja Cements’ Ebitda/tonne stood at Rs 433 (our estimate: Rs 594) – the lowest after December 2004, as opex/tonne came in 2% above our estimate due to a sharp rise in other expense. Adjusted profit after tax fell 65% YoY to Rs 1.5 billion (our estimate: Rs 1.9 billion).
We have adjusted our estimates to account for the change in the accounting year (March from December).
On a like-to-like basis, we reduce our CY22/ CY23 Ebitda estimate by 7%/9% and profit estimate by 3%/14%.
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