External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.</li><li>During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.</li><li>While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.</li><li>Given the sharp...(continued).</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.

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.Given the sharp...(continued).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 Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ACL reported Volume/Revenue/EBITDA growth of 13%/8%/154% YoY(above expectations), led by higher volume and efficiency gains during the quarter.</li><li>The company reported a profit of Rs 644 Cr (above expectations), up 367% YoY owing to better operating performance and higher other income.</li><li>Operational excellence initiatives are aiding in the reduction of operating costs, logistics costs, and expansion of EBITDA margins YoY.</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.

ACL reported Volume/Revenue/EBITDA growth of 13%/8%/154% YoY(above expectations), led by higher volume and efficiency gains during the quarter.The company reported a profit of Rs 644 Cr (above expectations), up 367% YoY owing to better operating performance and higher other income.Operational excellence initiatives are aiding in the reduction of operating costs, logistics costs, and expansion of EBITDA margins YoY.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.

Ambuja Cements Limited - In-Line Operating Performance; New Capacity to Drive Growth

<ul><li>ACL reported volume/Revenue growth of 8%/8% YoY (above expectations) while EBITDA and EBITDA margin stood below our expectations.</li><li>The company reported a profit of Rs 502 Cr (above expectations), up 1% and 36%YoY and QoQ.</li><li>The company recorded an EBITDA margin of 18.5% (expectation of 19.4%) against 20.1% YoY.</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.

ACL reported volume/Revenue growth of 8%/8% YoY (above expectations) while EBITDA and EBITDA margin stood below our expectations.The company reported a profit of Rs 502 Cr (above expectations), up 1% and 36%YoY and QoQ.The company recorded an EBITDA margin of 18.5% (expectation of 19.4%) against 20.1% YoY.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.

Ambuja Cements Limited - Synergies Paying Off; New Capacity to Drive Growth

<ul><li>The synergies with the group resulted in a cost reduction of 9% on a per tonne basis sequentially and more cost optimization is expected which shall aid in further margin enhancement.</li><li>Business initiatives are expected to further bring down the operating costs, reduce the clinker factor, reduce logistics costs, improve the sale of blended cement and, expand the EBITDA margin.</li><li>We foresee the company’s EBITDA margins to improve from the current 15% to 22-23% in FY24E/25E.</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.

The synergies with the group resulted in a cost reduction of 9% on a per tonne basis sequentially and more cost optimization is expected which shall aid in further margin enhancement.Business initiatives are expected to further bring down the operating costs, reduce the clinker factor, reduce logistics costs, improve the sale of blended cement and, expand the EBITDA margin.We foresee the company’s EBITDA margins to improve from the current 15% to 22-23% in FY24E/25E.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.

Ambuja Cements Limited - Robust Operating Performance

<ul><li>Capital Infusion by Promoter : ACL (Ambuja Cements Limited) in its meeting held on 16th Sept, 2022 has decided to bring capital through equity infusion by issuing warrants (477.48 Mn) of Rs 2 each at a price of Rs 418.87/share totaling Rs 20000 Cr to Harmonia Trade &amp; Investment, a promoter group entity.</li><li>This will entail an equity dilution of 24.05%. With the converion of warrants into equity the promoters equity stake in the company will rise to 70.36% from the current 63.23% thereby increasing promoters stake in the company by 7.13%.</li><li>The warrants will be converted within 18 months from the date of the issue in one or more tranches.</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.

Capital Infusion by Promoter : ACL (Ambuja Cements Limited) in its meeting held on 16th Sept, 2022 has decided to bring capital through equity infusion by issuing warrants (477.48 Mn) of Rs 2 each at a price of Rs 418.87/share totaling Rs 20000 Cr to Harmonia Trade &amp; Investment, a promoter group entity.This will entail an equity dilution of 24.05%. With the converion of warrants into equity the promoters equity stake in the company will rise to 70.36% from the current 63.23% thereby increasing promoters stake in the company by 7.13%.The warrants will be converted within 18 months from the date of the issue in one or more tranches.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.

Ambuja Cements Limited - Capital Infusion, A Catalyst For Future Growth.

India

Ambuja Cements Limited is an Indian cement producing company that manufactures and markets cement, clinker, and related products for domestic and export markets. Its product portfolio includes ordinary portland cement, portland pozzolana cement, and ready-mix concrete. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1983.

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Ambuja Cements (ACEM IN)

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid...

Nirmal Bang

Ambuja Cements Limited - In-Line Operating Performance; New Capacity to Drive Growth

ACL reported Volume/Revenue/EBITDA growth of 13%/8%/154% YoY(above expectations), led by higher volume and efficiency gains during the quarter.

Axis Direct

Ambuja Cements Limited - Synergies Paying Off; New Capacity to Drive Growth

ACL reported volume/Revenue growth of 8%/8% YoY (above expectations) while EBITDA and EBITDA margin stood below our expectations.

Axis Direct

Ambuja Cements Limited - Robust Operating Performance

The synergies with the group resulted in a cost reduction of 9% on a per tonne basis sequentially and more cost optimization is expected which...

Axis Direct

Ambuja Cements Limited - Capital Infusion, A Catalyst For Future Growth.

This will entail an equity dilution of 24.05%. With the converion of warrants into equity the promoters equity stake in the company will rise to...

Axis Direct

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