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Ambuja Cement Ltd.’s Q2 CY21 Ebitda came in 19%/22% higher than our/consensus estimate.
Beat is driven by the volume and lower opex/tonne (particularly raw material, employee).
We were factoring volume of down 20% QoQ versus down 10% reported by the company.
Led by QoQ increase in the realisation, Ambuja Cement reported Ebitda/tonne of Rs 1,495 versus Rs 1,362 QoQ.
The company has announced capex of 1.5 million tonne grinding unit in Punjab and re-iterated its plan to commission Marwar plant by Q3 CY21 which could give incremental cement capacity of ~5 million tonne per annum.
This will increase the company’s cement capacity by 17% by CY21E.
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