Forensics and Corporate Governance Analyst, Beat the Street

Nimish Maheshwari

Forensics and Corporate Governance Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

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Forensic Accounting

<ul>
<li>Adani's $600 million acquisition of Sanghi Cement in August 2023 marked its significant debut in the cement sector, following controversies around the group's infrastructure ventures.</li>
<li>The Master Supply Agreement with Ambuja &amp; pricing structure, based on cost plus a 10% markup, has raised concerns about lower EBITDA realizations for Sanghi Cement, deviating from industry norms.</li>
<li>Issues surrounding potential profit loss (Rs 357 crore) and investor skepticism echo previous instances, like the NDTV case, where minority shareholders experienced less favorable terms compared to the promoter. </li>
</ul>


Adani's $600 million acquisition of Sanghi Cement in August 2023 marked its significant debut in the cement sector, following controversies around the group's infrastructure ventures.
The Master Supply Agreement with Ambuja &amp; pricing structure, based on cost plus a 10% markup, has raised concerns about lower EBITDA realizations for Sanghi Cement, deviating from industry norms.
Issues surrounding potential profit loss (Rs 357 crore) and investor skepticism echo previous instances, like the NDTV case, where minority shareholders experienced less favorable terms compared to the promoter. 


Adani's Ambuja Cement Acquisition of Sanghi Cement Raises Questions Amidst Favorable Terms

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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Thematic (Sector/Industry)

<ul><li>Growth tapers after six consecutive quarters of robust show: We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quarters</li><li>While demand remained strong in Oct, it slipped off in Nov/Dec—attributable to multiple reasons: elections in four states, flooding in the southern region, sand issues in certain states, and festivals</li><li>Thus, as against general expectations of demand firming up post-monsoon by ~10-15% QoQ, cement sales recovered a modest 4% QoQ, leading to demand tapering.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Growth tapers after six consecutive quarters of robust show: We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quartersWhile demand remained strong in Oct, it slipped off in Nov/Dec—attributable to multiple reasons: elections in four states, flooding in the southern region, sand issues in certain states, and festivalsThus, as against general expectations of demand firming up post-monsoon by ~10-15% QoQ, cement sales recovered a modest 4% QoQ, leading to demand tapering.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement (Q3FY24 Results Preview): Industry Margin Surges to a Nine-Quarter High

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 100, is premised on robust refining and marketing margins, partially offset by muted petchem earnings and elevated debt</li><li>IOCL reported EBITDA of INR 213bn (+11x YoY, -4% QoQ), which was broadly in line, while APAT came in at INR 130bn, marginally below estimate</li><li>Earnings were supported by strong performance from the refining segment</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 100, is premised on robust refining and marketing margins, partially offset by muted petchem earnings and elevated debtIOCL reported EBITDA of INR 213bn (+11x YoY, -4% QoQ), which was broadly in line, while APAT came in at INR 130bn, marginally below estimateEarnings were supported by strong performance from the refining segmentContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Indian Oil Corporation, Godrej Consumers, Ambuja Cement, Gail

HSIE Results Daily: Indian Oil Corporation, Godrej Consumers, Ambuja Cement, Gail, ACC, CDSL

<ul><li>Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24</li><li>On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weakness</li><li>Aggregate utilisation should expand ~350bps YoY to 76%, in our view</li><li>We expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weaknessAggregate utilisation should expand ~350bps YoY to 76%, in our viewWe expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

India

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

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Ambuja Cements (ACEM IN)

Adani's Ambuja Cement Acquisition of Sanghi Cement Raises Questions Amidst Favorable Terms

Adani's entry into cement sector with Sanghi Cement acquisition raises concerns about pricing structure and potential profit loss, echoing past...

Nimish Maheshwari

Cement (Q3FY24 Results Preview): Industry Margin Surges to a Nine-Quarter High

We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quarters

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, Godrej Consumers, Ambuja Cement, Gail

Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 100, is premised on robust refining and marketing margins, partially...

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, Godrej Consumers, Ambuja Cement, Gail, ACC, CDSL

IOCL reported EBITDA of INR 213bn (+11x YoY, -4% QoQ), which was broadly in line, while APAT came in at INR 130bn, marginally below estimate

HDFC Securities

Cement (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Adani's Ambuja Cement Acquisition of Sanghi Cement Raises Questions Amidst Favorable Terms

​Adani's entry into cement sector with Sanghi Cement acquisition raises concerns about pricing structure and potential profit loss, echoing past...

Nimish Maheshwari

Cement (Q3FY24 Results Preview): Industry Margin Surges to a Nine-Quarter High

We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quarters

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, Godrej Consumers, Ambuja Cement, Gail

Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 100, is premised on robust refining and marketing margins, partially...

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, Godrej Consumers, Ambuja Cement, Gail, ACC, CDSL

IOCL reported EBITDA of INR 213bn (+11x YoY, -4% QoQ), which was broadly in line, while APAT came in at INR 130bn, marginally below estimate

HDFC Securities

Cement (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in...

HDFC Securities

Adani's entry into cement sector with Sanghi Cement acquisition raises concerns about pricing structure and potential profit loss, echoing past...