Ambuja Cements Slips On Earnings Miss

Shares of Ambuja Cements Ltd. fell the most since Tuesday after its July-September net income missed analyst estimates.

Q3CY2023 (Standalone, QoQ)

• Net income at Rs 137.89 crore compared with Bloomberg consensus estimate of Rs 218 crore.

• Revenue at Rs 3670.40 crore versus an estimate of Rs 3,551 crore.

• Ebitda at Rs 304.33 crore versus Rs 684.54 crore

• Ebitda margin at 8.29% versus 17.14%

Shares of the company eased 0.66% to Rs 514.30 apiece as of 1:40 a.m., while the benchmark Nifty 50 traded flat on the NSE. During early trade, it fell by 2.7%, the most since Oct. 18.

Of the 46 analysts tracking the company, 22 maintain ‘buy’, 15 suggest % hold’ and nine recommend ‘sell’, according to Bloomberg data. The 12-month consensus price target implies a downside of 9.7%.

Source: Exchange filing, Bloomberg