Prabhudas Lilladher's research report on Ambuja Cement
Ambuja Cement (ACEM) delivered strong beat on both our and consensus estimates (CE) for the sixth consecutive quarter. EBITDA grew 61% YoY (down mere 2% QoQ despite 11% fall in volumes) at Rs9.6bn with a beat of 8%/23% on our/CE. Lower than expected costs drove the beat. Operations show massive turnaround over last one year, way above our expectation. We credit entire of the revival to the new leadership.
We reiterate BUY rating with revised TP of Rs460 (earlier Rs405), EV/EBITDA of 14.5x (earlier 13.5x) CY22e.
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