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Ambuja Cement Ltd.’s Q2 CY21 outcomes spotlight the corporate’s continued give attention to price discount, resulting in the best ever Ebitda/tonne of Rs 1,495/tonne.
Volumes had been up 53% y-o-y to six.42 million tonne (estimate- 5.93 million tonne) on account of a decrease base.
Ambuja Cement’s specialty product volumes grew 69% y-o-y.
Cement realisation was up 5.3% q-o-q (up 1.7% y-o-y) to Rs 5,206/tonne versus our estimate of Rs 5,163/tonne; blended realisation was up 5% q-o-q to Rs 5,251/tonne (up 1% y-o-y).
The commissioning of the Marwar–Mundwa capability by September 2021 ought to drive a 12% compound annual development fee in volumes over CY20–23E.
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