AMBUJACEM · Construction Materials
Ambuja Cements Ltd. reported revenue of ₹9,411 cr for October to December 2024, +15.8% on the year and +24.6% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹1,712 cr, a margin of 18.2%, −311 bps on the year and +348 bps on the quarter. Over the last 7 quarters the margin has ranged from 14.7% to 21.3%, averaging 17.9%. Operating costs grew +20.4%, faster than revenue at +15.8%, so operating profit grew less than sales.
Net profit was ₹2,663 cr, +144.1% on the year and +436.9% on the quarter, with earnings per share of ₹8.76. Profit before other income, one-offs and tax fell 16.7%, so 161 points of the headline growth came from outside the core business. The tax rate was −11% against an average of 24% over the previous 6 quarters, which lifted 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 ₹18.09 over the last four quarters, the stock at ₹389.55 trades at 21.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
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.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹9,197 cr |
| YoY | — | — | −4% | +2% | +16% | +12% | +23% | +21% | +9% | +9% | −8% | +0% |
| EBITDA margin | 21.3% | 19.1% | 15.3% | 14.7% | 18.2% | 18.7% | 19.1% | 19.2% | 13.2% | 13.4% | 16.7% | 13.8% |
| Other income, % of PBT | 14% | 28% | 33% | 30% | 57% | 38% | 21% | 5% | 17% | 26% | 18% | −7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 5% | 28% | 33% | −11% | 28% | 27% | — | 12% | — | 22% | 21% |
| Net profit | ₹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 | ₹236 cr |
| YoY | — | — | −31% | −50% | +144% | −11% | +33% | +364% | −85% | +37% | −37% | −90% |
| Core profit YoY | — | — | −41% | −39% | −17% | +1% | +53% | +52% | −63% | −66% | −38% | −60% |
| EPS | ₹4.15 | ₹4.78 | ₹2.60 | ₹1.95 | ₹8.76 | ₹4.16 | ₹3.53 | ₹7.14 | ₹0.97 | ₹7.40 | ₹2.32 | ₹0.78 |
| Flags | · | 1 | 2 | ✓ | 4 | ✓ | ✓ | 1 | 2 | 2 | ✓ | 1 |
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 ₹9,411 cr (+15.8% on the year) and net profit of ₹2,663 cr (+144.1% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −16.7% on the year, against +144.1% for reported profit.
4 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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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.