Buy Ambuja Cement target of Rs 375: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Ambuja Cement has recommended buy rating on the stock with a target price of Rs 375 in its research report dated April 29, 2021.

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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; 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Prabhudas Lilladher’s research report on Ambuja Cement

Ambuja Cement (ACEM) delivered earnings beat for fifth consecutive quarter. EBITDA grew 62% YoY at Rs9.8bn with a beat of 31%/34% on our/consensus estimates (CE). The beat was largely driven by lower than expected costs. Management’s aggressive guidance on new expansions (69% increase in capacity to 50mnt) and cost reduction reinforces our positive outlook on ACEM.

Outlook

We believe that current cost is stickier in nature, driven by multi-fold increase in volumes under MSA, logistics optimisation, change in power procurement, shift in market mix, etc. Cost would further come down on back of quantum increase in share of renewable energy by 6.6x to 38%. Led by improved visibility on capacity expansion and sustained control on costs, we reiterate BUY rating with revised TP of Rs375 (earlier Rs340), EV/EBITDA of 14x (earlier 13x) CY22e.

For all recommendations report, click here

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