AMBUJACEM · Construction Materials
Ambuja Cements Ltd. reported revenue of ₹7,552 cr for July to September 2024, +1.7% on the year and −10.0% on the quarter.
Operating profit (EBITDA) was ₹1,111 cr, a margin of 14.7%, −283 bps on the year and −54 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 14.7% to 21.3%). Operating costs grew +5.2%, faster than revenue at +1.7%, so operating profit grew less than sales.
Net profit was ₹496 cr, −49.7% on the year and −36.7% on the quarter, with earnings per share of ₹1.95. Profit before other income, one-offs and tax grew faster, at −39.1%; other income, one-offs or tax held the headline back. The tax rate was 33% against an average of 22% over the previous 5 quarters, which weighed on profit this quarter.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹13.48 over the last four quarters, the stock at ₹389.55 trades at 28.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹7,424 cr | ₹8,129 cr | ₹8,894 cr | ₹8,392 cr | ₹7,552 cr | ₹9,411 cr | ₹9,981 cr | ₹10,289 cr | ₹9,174 cr | ₹10,277 cr | ₹10,916 cr | ₹9,500 cr |
| YoY | — | — | — | −4% | +2% | +16% | +12% | +23% | +21% | +9% | +9% | −8% |
| EBITDA margin | 17.5% | 21.3% | 19.1% | 15.3% | 14.7% | 18.2% | 18.7% | 19.1% | 19.2% | 13.2% | 13.4% | 16.7% |
| Other income, % of PBT | 36% | 14% | 28% | 33% | 30% | 57% | 38% | 21% | 5% | 17% | 26% | 18% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 5% | 28% | 33% | −11% | 28% | 27% | — | 12% | — | 22% |
| Net profit | ₹987 cr | ₹1,091 cr | ₹1,521 cr | ₹783 cr | ₹496 cr | ₹2,663 cr | ₹1,351 cr | ₹1,041 cr | ₹2,302 cr | ₹403 cr | ₹1,857 cr | ₹660 cr |
| YoY | — | — | — | −31% | −50% | +144% | −11% | +33% | +364% | −85% | +37% | −37% |
| Core profit YoY | — | — | — | −41% | −39% | −17% | +1% | +53% | +52% | −63% | −66% | −38% |
| EPS | ₹3.99 | ₹4.15 | ₹4.78 | ₹2.60 | ₹1.95 | ₹8.76 | ₹4.16 | ₹3.53 | ₹7.14 | ₹0.97 | ₹7.40 | ₹2.32 |
| Flags | 1 | · | 1 | 2 | ✓ | 4 | ✓ | ✓ | 1 | 2 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Ambuja Cements Ltd. reported revenue of ₹7,552 cr (+1.7% on the year) and net profit of ₹496 cr (−49.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −39.1% on the year, against −49.7% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.