Ambuja Cements Q1 Review - Expansion To Improve Near-Term Volumes: Motilal Oswal Report

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Motilal Oswal Report

Ambuja Cements Ltd.’s Q1 CY21 results highlight the company’s continued focus on cost reduction, leading to 62% YoY growth in Ebitda.

Volumes grew 25% YoY on the lower base of March 2020.

The commissioning of the Marwar–Mundwa capacity (in Q3 CY21) should result in a volume compound annual growth rate of 11%, in line with the industry, over CY20–23E.

However, growth visibility remains weak beyond CY22 as no expansion has been announced.

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