AMBUJACEM · Construction Materials
Ambuja Cements Ltd. reported revenue of ₹8,894 cr for January to March 2024, — on the year and +9.4% on the quarter.
Operating profit (EBITDA) was ₹1,699 cr, a margin of 19.1%, — on the year and −220 bps on the quarter.
Net profit was ₹1,521 cr, — on the year and +39.4% on the quarter, with earnings per share of ₹4.78.
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 ₹17.48 over the last four quarters, the stock at ₹389.55 trades at 22.3 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.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
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.
| 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 ₹8,894 cr (— on the year) and net profit of ₹1,521 cr (— on the year) for January to March 2024.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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