Ambuja Cements (500425) Q4 22/23 earnings summary

Executive summary

• Consolidated FY2022-23 covered 15 months, Jan 2022–Mar 2023: revenue ₹38,937cr, EBITDA ₹5,860cr and PAT ₹3,024cr; 2021 comparatives cover 12 months and are not directly comparable.

• Volumes grew amid a prolonged Himachal Pradesh shutdown and a Farakka plant breakdown; fuel and raw-material inflation weighed on margins.

Financial highlights

• Consolidated EBITDA margin was 15.1% versus 22.7% in 2021; PBT was ₹3,729cr versus ₹5,164cr and PAT ₹3,024cr versus ₹3,711cr, with period lengths differing.

• Consolidated basic and diluted EPS were ₹13.01 and ₹12.64; standalone PAT was ₹2,553cr and basic EPS ₹12.86 for the 15-month period.

• Consolidated exceptional items totaled ₹319.04cr, comprising employee incentives, one-time IT transition costs and restructuring costs.

Outlook and guidance

• Expansion plan targets 14 MTPA of blended cement capacity plus 42 MW of WHRS, with 50% AFR capability; projects are expected within 24 months and funded through internal accruals.

• Strategic ambition is to double capacity by FY2028 and capture close to ₹500/t of EBITDA cost savings across operations.

• Indian cement industry volume growth was forecast at 6–8%, with volumes expected to reach 390–400 MT, supported by housing and infrastructure demand.