External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

<div><div><div><div><ul><li>1QCY22 result highlights: For 1QCY22, volume increased by 3.5% YoY to 7.5mn mt (including clinker) whereas realization/mt increased by 0.5% QoQ to Rs5,241 (lower than our estimate).</li></ul><div><div><ul><li>Capex plans reiterated: The company is on track to commission 1.5mn mt grinding unit at Ropar (Punjab) in CY23.</li></ul><div><div><div><div><ul><li>Volume from new capex likely to kick in: The 3mn mt clinker plant at Marwar Mundwa (Rajasthan) was commissioned in Sept’21 and the 1.8mn mt grinding unit is likely to be commissioned very soon at the same location.</li></ul></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

1QCY22 result highlights: For 1QCY22, volume increased by 3.5% YoY to 7.5mn mt (including clinker) whereas realization/mt increased by 0.5% QoQ to Rs5,241 (lower than our estimate).Capex plans reiterated: The company is on track to commission 1.5mn mt grinding unit at Ropar (Punjab) in CY23.Volume from new capex likely to kick in: The 3mn mt clinker plant at Marwar Mundwa (Rajasthan) was commissioned in Sept’21 and the 1.8mn mt grinding unit is likely to be commissioned very soon at the same location.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 Ltd - Lower Costs Drive Sharp EBITDA Beat

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>ACL reported encouraging Volume/Revenue growth of 3%/8% YoY but witnessed notable EBITDA/APAT de-growth of 19%/25% respectively YoY in Q1CY22</li>
<li>We maintain our BUY rating on the stock with a revised TP of Rs 4,350/share (which includes Rs 275/share for the company’s stake in PMAG) as we value the stock at 17x its FY24E EPS</li>
<li>TP implies an upside potential of 13.5% from the CMP.</li>
</ul>
<p><em>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.</em></p>


ACL reported encouraging Volume/Revenue growth of 3%/8% YoY but witnessed notable EBITDA/APAT de-growth of 19%/25% respectively YoY in Q1CY22
We maintain our BUY rating on the stock with a revised TP of Rs 4,350/share (which includes Rs 275/share for the company’s stake in PMAG) as we value the stock at 17x its FY24E EPS
TP implies an upside potential of 13.5% from the CMP.

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: Inline Result; Capacity Expansion on Track

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<div><ul><li>Capacity additions to drive volume growth - <span style="font-size: var(--content-font-size);">Ambuja Cements (ACEM) is a leading cement player with an installed cement capacity of 31.5mtpa as of CY21.</span></li></ul><div><div><div><ul><li>Announces capacity expansion in the East, timely completion is vital.</li></ul><div><div><div><div><ul><li>Robust volume growth and efficiency measure to drive profitability.</li></ul></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Capacity additions to drive volume growth - Ambuja Cements (ACEM) is a leading cement player with an installed cement capacity of 31.5mtpa as of CY21.Announces capacity expansion in the East, timely completion is vital.Robust volume growth and efficiency measure to drive profitability.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 - Emphasizing on Growth, Efficiency and Sustainability

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

Thematic (Sector/Industry)

<ul><li>Media reports are ablaze with talks of a potential exit by Holcim from Indian markets</li><li>Neither Holcim nor its Indian subsidiaries Ambuja and ACC have offered any comments on the same so far</li><li>Our analysis suggests India remains a major market for Holcim and its Indian cement operations lead, with a lower carbon footprint</li></ul><p><em>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.</em></p>

Media reports are ablaze with talks of a potential exit by Holcim from Indian marketsNeither Holcim nor its Indian subsidiaries Ambuja and ACC have offered any comments on the same so farOur analysis suggests India remains a major market for Holcim and its Indian cement operations lead, with a lower carbon footprintContent 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 (Update): Is Holcim’s green focus reason for its India-exit stories?

<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><p><em>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.</em></p>

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

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 Cements Ltd - Lower Costs Drive Sharp EBITDA Beat

Ambuja Cement (ACEM) reported extremely good set of results for 1QCY22, with EBITDA of Rs7.9bn, 22% ahead of our estimate, largely driven by lower...

Nirmal Bang

Ambuja Cements: Inline Result; Capacity Expansion on Track

We maintain our BUY rating on the stock with a revised TP of Rs 4,350/share (which includes Rs 275/share for the company’s stake in PMAG) as we...

Axis Direct

Ambuja Cements - Emphasizing on Growth, Efficiency and Sustainability

Capacity additions to drive volume growth ; Ambuja Cements (ACEM) is a leading cement player with an installed cement capacity of 31.5mtpa as of CY21.

Motilal Oswal

Cement (Update): Is Holcim’s green focus reason for its India-exit stories?

Media reports are ablaze with talks of a potential exit by Holcim from Indian marketsNeither Holcim nor its Indian subsidiaries Ambuja and ACC...

HDFC Securities

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

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