Ambuja Cements Q4FY23 PAT flat at Rs645 crore as weak volumes offset higher EBITDA/tonne

Ambuja Cements reported 0.83% higher net revenues for the March 2023 quarter at Rs7,966 crore. The revenues were up 0.75% on a sequential basis. The company reported sales volumes of 14.1 million tonnes (MT) in the March 2023 quarter compared to 14.4 MT in the year ago quarter and 13.7 MT in the sequential quarter. Effective this year, the company has changed its fiscal year from calendar year to regular fiscal year.

There was a sequential cost reduction of Rs228 per metric tonne, taking the cost down to Rs4,295 per metric tonne. For the first time, the company achieved EBITDA per tonne in four digits at Rs1,192/tonne compared to 927/tonne last year. Cash and cash equivalents improved by Rs2,076 crore in the year to Rs11,530 crore on a consolidated basis.

Financial highlights for Mar-23 compared yoy and sequentially

 Ambuja Cements    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 7,966

₹ 7,900

0.83%

₹ 7,907

0.75%

Operating Profit (Rs cr)

₹ 1,523

₹ 1,515

0.53%

₹ 1,138

33.83%

Net Profit (Rs cr)

₹ 645

₹ 659

-2.11%

₹ 434

48.46%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 3.08

₹ 3.32

 

₹ 2.02

 

OPM

19.12%

19.18%

 

14.39%

 

Net Margins

8.10%

8.34%

 

5.49%

 

 

The profit was held flat despite lower volumes and higher cost on the back of operational synergies in the quarter. It not only optimized warehouse infrastructure and working capital lock-ins, but also reduced kiln fuel costs in the latest quarter. EBITDA was almost flat at Rs1,523 crore with EBITDA margins also flat at 19.1% for the quarter. The company is predominantly debt free.

The company ahs recommended a dividend of Rs2.50 per share. 

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