External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>It also announced major Capex in the east, which along with its north expansion, will increase its capacity to 40mn MT over the next 3-4 years and firm up the volume growth visibility.</li><li>Ambuja Cement: We maintain our ADD rating on Ambuja Cements (ACEM), with a lower TP of INR 380/share (SOTP-based).</li><li>ACEM is working on various cost levers (reduce clinker factor, increase TSR factor and green power) to boost its margin.</li></ul><div class="content-highlight"><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></div>

It also announced major Capex in the east, which along with its north expansion, will increase its capacity to 40mn MT over the next 3-4 years and firm up the volume growth visibility.Ambuja Cement: We maintain our ADD rating on Ambuja Cements (ACEM), with a lower TP of INR 380/share (SOTP-based).ACEM is working on various cost levers (reduce clinker factor, increase TSR factor and green power) to boost its margin.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: Cost Spike Hits Margin; Targets Major Expansion in East

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 Volume/Revenue growth of 2%/6% YoY however EBITDA/APAT saw de-growth of 26%/49% respectively on a YoY basis in Q4CY21</li><li>The company’s operating performance was impacted during the quarter owing to higher costs led by increased power/fuel costs</li><li>We value ACL at 13x CY23E EV/EBITDA (including Ambuja stake in ACC with no holding company discount) to arrive at TP of Rs 365/share</li></ul><div class="content-highlight"><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></div>

ACL reported Volume/Revenue growth of 2%/6% YoY however EBITDA/APAT saw de-growth of 26%/49% respectively on a YoY basis in Q4CY21The company’s operating performance was impacted during the quarter owing to higher costs led by increased power/fuel costsWe value ACL at 13x CY23E EV/EBITDA (including Ambuja stake in ACC with no holding company discount) to arrive at TP of Rs 365/shareContent 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: Higher Cost Impacts Margins; New Capex Announced

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. 

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<ul><li>As expected, increased opex (up 14% YoY) dented profitability.</li><li>EBITDA fell 26% YoY, while adjusted profit (adjusted for an additional charge on restructuring cost) fell 40% YoY.</li><li>We reduce our CY22E/CY23E EBITDA estimate by 15%/5%, considering a steep increase in energy costs.</li></ul><div class="content-highlight"><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></div>

As expected, increased opex (up 14% YoY) dented profitability.EBITDA fell 26% YoY, while adjusted profit (adjusted for an additional charge on restructuring cost) fell 40% YoY.We reduce our CY22E/CY23E EBITDA estimate by 15%/5%, considering a steep increase in energy costs.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.

Rising cost a challenge; new capex plans announced

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul><li>Ambuja Cement (Holcim group company) is a large cement player with capacity of 31.5 MT</li><li>Upcoming new capacity in Punjab (1.5 MT) and eastern region (7.0 MT including clinker 3.2 MT) will enhance its cement capacity by ~8.5 MT to 40.0 MT</li><li>In the phase II, the company plans to reach over ~50 MT capacity through capacity expansion in western region along with significant de-bottlenecking</li></ul><div class="content-highlight"><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></div>

Ambuja Cement (Holcim group company) is a large cement player with capacity of 31.5 MTUpcoming new capacity in Punjab (1.5 MT) and eastern region (7.0 MT including clinker 3.2 MT) will enhance its cement capacity by ~8.5 MT to 40.0 MTIn the phase II, the company plans to reach over ~50 MT capacity through capacity expansion in western region along with significant de-bottleneckingContent 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: Expansion to Drive Growth Momentum

<ul>
<li>It also announced major Capex in the east, which along with its north expansion, will increase its capacity to 40mn MT over the next 3-4 years and firm up the volume growth visibility.</li>
<li>Ambuja Cement: We maintain our ADD rating on Ambuja Cements (ACEM), with a lower TP of INR 380/share (SOTP-based).</li>
<li>ACEM is working on various cost levers (reduce clinker factor, increase TSR factor and green power) to boost its margin.</li>
</ul>
<div class="content-highlight"><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></div>


It also announced major Capex in the east, which along with its north expansion, will increase its capacity to 40mn MT over the next 3-4 years and firm up the volume growth visibility.
Ambuja Cement: We maintain our ADD rating on Ambuja Cements (ACEM), with a lower TP of INR 380/share (SOTP-based).
ACEM is working on various cost levers (reduce clinker factor, increase TSR factor and green power) to boost its margin.

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: Cost Spike Hits Margin; Targets Major Expansion in East

It also announced major Capex in the east, which along with its north expansion, will increase its capacity to 40mn MT over the next 3-4 years and...

HDFC Securities

Ambuja Cements: Higher Cost Impacts Margins; New Capex Announced

ACL reported Volume/Revenue growth of 2%/6% YoY however EBITDA/APAT saw de-growth of 26%/49% respectively on a YoY basis in Q4CY21

Axis Direct

Rising cost a challenge; new capex plans announced

As expected, increased opex (up 14% YoY) dented profitability. EBITDA fell 26% YoY, while adjusted profit (adjusted for an additional charge on...

Motilal Oswal

Ambuja Cement: Expansion to Drive Growth Momentum

In the phase II, the company plans to reach over ~50 MT capacity through capacity expansion in western region along with significant de...

ICICI Securities Limited

Ambuja Cement: Cost Spike Hits Margin; Targets Major Expansion in East

It also announced major Capex in the east, which along with its north expansion, will increase its capacity to 40mn MT over the next 3-4 years and...

HDFC Securities

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