External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>We met with the CFO of Ambuja Cements</li><li>The management outlined its various projects and how these would lead to its consolidated operating cost reduction by INR 530/MT to INR 3650/MT by FY28 (over Q4FY24)</li><li>Ambuja estimates major savings from energy cost reduction, followed by logistics and raw material costs decline, gradually till FY28</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.

We met with the CFO of Ambuja CementsThe management outlined its various projects and how these would lead to its consolidated operating cost reduction by INR 530/MT to INR 3650/MT by FY28 (over Q4FY24)Ambuja estimates major savings from energy cost reduction, followed by logistics and raw material costs decline, gradually till FY28Content 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 Cement: Focused on Expansions and Cost Reductions. Maintain ADD

Thematic (Sector/Industry)

<ul><li>Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)</li><li>During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants</li><li>Weak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)</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.

Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plantsWeak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)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.

HSIE Results Daily: Ambuja Cement, Havells India, Dabur, ACC

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.

<ul><li>Given the company’s superior positioning in key markets of North, West, and East India and recent acquisition of units in South India along with cost-saving initiatives it has undertaken and synergies with other group companies of Adani, growth momentum is expected to continue moving ahead.</li><li>Furthermore, factoring in the government’s keen focus on developing infrastructure and low-cost affordable housing, increasing private capex and robust real estate damand we expect ACL to improve its performance going forward.</li><li>We expect the company to grow its Volume/Revenue/EBITDA/APAT at a CAGR of 12%/11%/28%/18% over FY23-FY26E</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.

Given the company’s superior positioning in key markets of North, West, and East India and recent acquisition of units in South India along with cost-saving initiatives it has undertaken and synergies with other group companies of Adani, growth momentum is expected to continue moving ahead.Furthermore, factoring in the government’s keen focus on developing infrastructure and low-cost affordable housing, increasing private capex and robust real estate damand we expect ACL to improve its performance going forward.We expect the company to grow its Volume/Revenue/EBITDA/APAT at a CAGR of 12%/11%/28%/18% over FY23-FY26EContent 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 - EBITDA Miss on Lower Realization

<ul><li>Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales</li><li>We estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)</li><li>However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarter</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 firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades salesWe estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarterContent 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 (Q4FY24 Results Preview): Weak pricing dampens industry margin

<ul><li>After observing a slowdown in demand growth during Q3FY24, the momentum in cement demand accelerated in Q4FY24, despite facing a higher base from the previous year, which had seen growth rates of 11-13% in Q4FY23.</li><li>This surge in demand was predominantly fueled by government-led initiatives in infrastructure and housing development, alongside an uptick in real estate demand.</li><li>Following a lacklustre performance in Jan’24, cement demand gained traction in Feb’24 and concluded on a high note in Mar’24.</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.

After observing a slowdown in demand growth during Q3FY24, the momentum in cement demand accelerated in Q4FY24, despite facing a higher base from the previous year, which had seen growth rates of 11-13% in Q4FY23.This surge in demand was predominantly fueled by government-led initiatives in infrastructure and housing development, alongside an uptick in real estate demand.Following a lacklustre performance in Jan’24, cement demand gained traction in Feb’24 and concluded on a high note in Mar’24.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.

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)

Ambuja Cement: Focused on Expansions and Cost Reductions. Maintain ADD

Ambuja estimates major savings from energy cost reduction, followed by logistics and raw material costs decline, gradually till FY28

HDFC Securities

HSIE Results Daily: Ambuja Cement, Havells India, Dabur, ACC

During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants. Weak pricing across markets...

HDFC Securities

Ambuja Cements Limited - EBITDA Miss on Lower Realization

The stock is currently trading at 25x and 21x FY25E/FY26E EV/EBITDA. We maintain our HOLD rating on the stock with a TP of Rs 590/share, (incl....

Axis Direct

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales

HDFC Securities

Cement - Q4FY24 Earnings Preview

After observing a slowdown in demand growth during Q3FY24, the momentum in cement demand accelerated in Q4FY24, despite facing a higher base from...

Axis Direct

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