Ambuja Cement

₹454 2.6 | 0.6%

WEBSITE BSE:500425 NSE : AMBUJA CEME 09 Jun, 14:25

Market Cap ₹90148 Cr.

Stock P/E 46.9

P/B 3.4

Current Price ₹454

Book Value ₹ 134.5

Face Value 2

52W High ₹598.2

Dividend Yield 0.55%

52W Low ₹ 315.3

Edit Ratio

Ambuja Cement Research see more...

Equity Research Report: Ambuja Cements

Overview Inc. Year: 1981Industry: Cement & Construction Materials

Ambuja Cements Limited, collectively with its subsidiaries, manufactures and markets cement and cement related merchandise to individual homebuilders, masons and contractors, and designers and engineers in India. The organisation offers Portland pozzolana cement and normal Portland cement, as well as temperature resistant concrete blocks, Blaine Portland cement, and micro materials. It sells its merchandise thru sellers, authorized retail stockiest, retailers, and certified sales representatives. The organisation was previously called Gujarat Ambuja Cements Limited and changed its name to Ambuja Cements Limited in April 2007. The organisation was founded in 1981 and is primarily based in Mumbai, India. Ambuja Cements Limited operates as a subsidiary of Holderind Investments Ltd.

Ambuja Cement Share Price

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

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Peer Comparison

Ambuja Cement Quarterly Results

#(Fig in Cr.)	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Net Sales	7453	7715	6978	6647	7625	7900	8033	7143	7907	7966
Other Income	100	97	78	93	84	90	133	102	130	284
Total Income	7553	7812	7056	6741	7710	7990	8166	7245	8036	8250
Total Expenditure	6110	5876	5151	5231	6497	6476	6918	6809	6898	6727
Operating Profit	1442	1936	1905	1510	1213	1515	1248	436	1138	1524
Interest	41	32	39	36	38	32	40	41	43	39
Depreciation	283	269	277	276	330	306	319	331	337	352
Exceptional Income / Expenses	-176	0	0	0	-120	0	0	-31	-140	-147
Profit Before Tax	942	1635	1588	1197	724	1177	889	33	617	985
Provision for Tax	-20	413	432	311	297	327	30	-13	136	226
Profit After Tax	962	1222	1156	887	426	851	859	46	482	759
Adjustments	-230	-275	-280	-221	-136	-192	-107	47	-47	-114
Profit After Adjustments	732	947	877	666	291	659	752	93	434	645
Adjusted Earnings Per Share	3.7	4.8	4.4	3.4	1.5	3.3	3.8	0.5	2.2	3.2

Ambuja Cement Profit & Loss

#(Fig in Cr.)	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	TTM
Net Sales	8519	9750	9181	9974	9451	20132	23609	26041	27104	24516	28965	31049
Other Income	263	349	375	424	353	520	323	371	581	450	363	649
Total Income	8782	10099	9556	10398	9805	20652	23931	26412	27684	24966	29329	31697
Total Expenditure	6542	7277	7522	8045	7909	16951	19751	22030	22507	19511	22766	27352
Operating Profit	2241	2822	2034	2353	1895	3701	4180	4382	5178	5455	6563	4346
Interest	69	78	67	66	92	205	206	171	170	140	146	163
Depreciation	446	569	494	513	630	1461	1219	1154	1153	1162	1152	1339
Exceptional Income / Expenses	-24	-279	25	0	0	-39	0	-152	0	-176	-120	-318
Profit Before Tax	1701	1896	1498	1774	1173	1997	2768	2919	3875	3992	5164	2524
Provision for Tax	474	604	220	288	365	574	823	-54	1092	885	1453	379
Profit After Tax	1227	1292	1278	1487	808	1423	1945	2973	2783	3107	3711	2146
Adjustments	0	1	0	-0	0	-318	-429	-795	-688	-741	-931	-221
Profit After Adjustments	1228	1293	1279	1487	808	1105	1516	2177	2095	2365	2780	1924
Adjusted Earnings Per Share	8	8.4	8.3	9.6	5.2	5.6	7.6	11	10.6	11.9	14	9.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	18%	4%	8%	13%
Operating Profit CAGR	20%	14%	12%	11%
PAT CAGR	19%	8%	21%	12%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	24%	34%	17%	10%
ROE Average	15%	14%	13%	13%
ROCE Average	22%	19%	17%	18%

Ambuja Cement Balance Sheet

#(Fig in Cr.)	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Shareholder's Funds	8065	8797	9462	10070	10271	19821	20672	22370	24078	22758	25354
Minority's Interest	2	1	1	1	1	4370	4608	5231	5737	6341	7145
Borrowings	51	39	33	32	24	16	24	40	35	44	44
Other Non-Current Liabilities	666	574	607	632	608	1209	1328	1301	1258	1315	1434
Total Current Liabilities	2792	2933	2853	3145	3230	7408	8877	8394	9070	9260	11228
Total Liabilities	11576	12345	12956	13878	14133	32824	35509	37337	40178	39718	45204
Fixed Assets	6266	5951	6147	6310	6170	21410	20898	20636	20701	20486	22254
Other Non-Current Assets	1031	1100	1282	1566	1442	3125	3516	4294	5158	6427	5928
Total Current Assets	4279	5294	5527	6003	6521	8288	11095	12395	14309	12802	17020
Total Assets	11576	12345	12956	13878	14133	32824	35509	37337	40178	39718	45204

Ambuja Cement Cash Flow

#(Fig in Cr.)	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Opening Cash & Cash Equivalents	2290	2903	3866	3965	4463	6521	4210	5874	6093	9013	8572
Cash Flow from Operating Activities	1532	1860	1267	1675	1557	2810	3416	1703	4739	4832	5309
Cash Flow from Investing Activities	-445	-388	-496	-456	-83	-4165	-762	-766	-1193	-1317	-2007
Cash Flow from Financing Activities	-473	-509	-672	-721	-900	-958	-1015	-719	-629	-3956	-516
Net Cash Inflow / Outflow	614	962	99	498	574	-2312	1640	218	2916	-441	2786
Closing Cash & Cash Equivalent	2903	3866	3965	4463	5037	4210	5874	6093	9012	8572	11358

Ambuja Cement Ratios

#	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Earnings Per Share (Rs)	8	8.39	8.27	9.59	5.21	5.57	7.64	10.97	10.55	11.91	14
CEPS(Rs)	10.91	12.06	11.46	12.9	9.26	14.52	15.94	20.78	19.82	21.5	24.49
DPS(Rs)	3.2	3.6	3.6	5	2.8	2.8	3.6	1.5	1.5	18	6.3
Book NAV/Share(Rs)	52.35	56.89	61.09	64.92	66.19	99.82	104.11	112.66	121.26	114.61	127.68
Core EBITDA Margin(%)	20.5	22.36	15.91	17.12	14.3	13.87	15.25	14.15	15.06	18.11	18.61
EBIT Margin(%)	18.35	17.85	15.02	16.34	11.74	9.6	11.76	10.9	13.25	14.95	15.94
Pre Tax Margin(%)	17.64	17.14	14.38	15.75	10.88	8.71	10.94	10.3	12.7	14.44	15.51
PAT Margin (%)	12.73	11.68	12.27	13.2	7.49	6.2	7.69	10.49	9.12	11.24	11.14
Cash Profit Margin (%)	17.35	16.82	17	17.76	13.33	12.57	12.51	14.56	12.9	15.44	14.6
ROA(%)	11.21	10.8	10.11	11.08	5.77	6.06	5.69	8.16	7.18	7.78	8.74
ROE(%)	15.99	15.37	14.04	15.24	7.95	9.46	9.61	13.81	11.98	13.27	15.43
ROCE(%)	22.81	23.24	17.04	18.76	12.4	14.6	14.67	14.33	17.39	17.61	22.03
Receivable days	7.11	7.73	7.98	7.56	8.84	9.67	13.39	14.4	14.19	10.76	6.61
Inventory Days	34.62	31.59	33.68	29.6	30.25	24.36	33.35	34.87	30.22	24.72	24.04
Payable days	596.68	719.03	344.59	255.99	287.48	212.39	321.94	328.54	265.12	267.46	320.65
PER(x)	19.42	23.96	22.1	23.84	39.05	37.05	35.51	20.46	18.61	20.89	26.96
Price/Book(x)	2.97	3.53	2.99	3.52	3.07	2.07	2.6	1.99	1.62	2.17	2.96
Dividend Yield(%)	2.06	1.79	1.97	2.19	1.38	1.36	1.33	0.67	0.76	7.23	1.67
EV/Net Sales(x)	2.56	2.95	2.83	3.31	3.04	1.81	2.02	1.47	1.09	1.65	2.19
EV/Core EBITDA(x)	9.75	10.2	12.76	14.03	15.16	9.84	11.4	8.71	5.73	7.43	9.65
Net Sales Growth(%)	15.95	14.46	-5.84	8.63	-5.24	113.01	17.27	10.3	4.08	-9.55	18.15
EBIT Growth(%)	3.52	11.52	-20.72	17.54	-31.19	73.92	35.08	3.89	30.95	2.14	28.52
PAT Growth(%)	-2.81	5.24	-1.04	16.28	-45.65	76.11	36.7	52.85	-6.38	11.63	19.45
EPS Growth(%)	-3.07	4.8	-1.37	15.97	-45.73	6.91	37.22	43.59	-3.78	12.91	17.54
Debt/Equity(x)	0.01	0.01	0.01	0	0	0	0	0	0	0	0
Current Ratio(x)	1.53	1.81	1.94	1.91	2.02	1.12	1.25	1.48	1.58	1.38	1.52
Quick Ratio(x)	1.2	1.47	1.61	1.63	1.74	0.83	0.97	1.12	1.35	1.2	1.27
Interest Cover(x)	25.68	25.16	23.45	28.06	13.69	10.75	14.45	18.12	23.81	29.47	36.46
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

Ambuja Cement Shareholding Pattern

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	63.11	63.11	63.11	63.11	63.11	63.11	63.11	63.15	63.15	63.14
FII	18.03	17.7	17.64	16.48	14.66	12.96	12.81	11.04	10.65	11.12
DII	11.77	12.34	12.46	13.58	15.33	16.48	15.22	16.5	16.97	14.76
Public	6.83	6.57	6.52	6.59	6.73	7.33	8.73	9.21	9.12	10.87
Others	0.26	0.29	0.27	0.24	0.16	0.12	0.13	0.11	0.11	0.11
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	125.32	125.32	125.32	125.32	125.32	125.32	125.32	125.39	125.39	125.39
FII	35.79	35.14	35.02	32.72	29.12	25.73	25.43	21.92	21.14	22.08
DII	23.37	24.5	24.74	26.97	30.45	32.73	30.21	32.76	33.7	29.31
Public	13.57	13.04	12.94	13.08	13.36	14.55	17.34	18.28	18.12	21.59
Others	0.51	0.57	0.54	0.48	0.32	0.24	0.26	0.22	0.22	0.22
Total	198.56	198.56	198.56	198.56	198.56	198.56	198.56	198.56	198.56	198.58

Pros

Company has delivered good profit growth of 21% CAGR over last 5 years
Company is almost debt free.

Cons

Company has a low return on equity of 14% over the last 3 years.
Debtor days have increased from 267.46 to 320.65days.
Stock is trading at 3.4 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.