Arihant Capital recommended hold rating on Ambuja Cements with a target price of Rs 232 in its research report dated April 30, 2019.
Arihant Capital's research report on Ambuja Cements
Ambuja Cements reported mixed set of Q1CY19 numbers which were below our estimates. Revenue increased 2.3% YoY to Rs 2928cr below our estimate of Rs 2945cr, EBITDA declined 8.6% YoY to Rs 463cr against our estimate Rs 515cr, while PAT jumped 57.1% YoY to Rs 427cr ahead of our estimate of Rs 362cr, mainly due to Rs 132cr as dividend from ACC (included in other income).
We are bullish on Cement Sector from medium term perspective, however due to expensive valuations, we maintain our Hold rating on Ambuja with a revised target price of Rs 232. We are bullish on Cement Sector from medium term perspective, however due to expensive valuations of Ambuja, We maintain our ‘HOLD’ rating on the stock.
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