On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Ambuja Cements has increased
11.65% to Rs 8893.99 crore.
Operating profit margin has jumped
from 15.55% to 19.10%, leading to 37.10% rise in operating profit to Rs
1,698.65 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 13.45% to 13.10%. Purchase of finished
goods cost rose from 1.14% to 3.03%. Employee cost decreased from
5.04% to 3.61%. Other expenses fell from 64.24% to 60.77%.
Power and Oil fuel cost fell from 25.81% to 23.16%.
Freight charges fell from 25.54% to 24.32%.
Other income fell 17.93% to Rs
233.46 crore. PBIDT rose 26.82% to Rs 1932.11
crore. Provision for interest rose 135.63% to Rs 92.91
crore. Loan funds rose to Rs 699.01 crore as of 31 March 2024 from
Rs 522.73 crore as of 31 March 2023. Inventories rose to Rs 3,608.55
crore as of 31 March 2024 from Rs 3,272.79 crore as of 31 March
2023. Sundry debtors were higher at Rs 1,213.14 crore as of 31 March
2024 compared to Rs 1,154.36 crore as of 31 March 2023. Cash and
bank balance rose to Rs 11,068.87 crore as of 31 March 2024 from Rs 2,961.04
crore as of 31 March 2023. Investments rose to Rs 786.29 crore as of
31 March 2024 from Rs 213.65 crore as of 31 March 2023 .
PBDT rose 23.93% to Rs 1839.2
crore. Provision for depreciation rose 28.59% to Rs 453.06
crore. Fixed assets increased to Rs 26,889.91 crore as of 31 March
2024 from Rs 18,207.67 crore as of 31 March 2023. Intangible assets
increased from Rs 7,869.69 crore to Rs 8,219.27 crore.
Profit before tax grew 22.48% to Rs
1,386.14 crore. Share of profit/loss was 19.86% lower at Rs 3.43
crore. Provision for tax was expense of Rs 75.36 crore, compared to
Rs 225.59 crore. Effective tax rate was 4.71% compared to 22.81%.
Minority interest increased 297.62%
to Rs 470.62 crore. Net profit attributable to owners of the company
increased 63.61% to Rs 1,055.16 crore.
Equity capital increased from Rs
397.13 crore as of 31 March 2023 to Rs 439.54 crore as of 31 March
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 66.70% as of 31
March 2024 ,compared to 63.15% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Ambuja Cements has declined
14.84% to Rs 33159.64 crore.
Operating profit margin has jumped
from 13.16% to 19.30%, leading to 24.93% rise in operating profit to Rs
6,399.51 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 12.16% to 13.04%. Purchase of
finished goods cost rose from 1.23% to 1.74%. Employee cost
decreased from 4.75% to 4.08%. Other expenses fell from 68.74% to
61.82%. Power and Oil fuel cost fell from 30.11% to 24.47%.
Freight charges fell from 24.38% to 24.15%.
Other income rose 58.11% to Rs
1166.4 crore. PBIDT rose 29.11% to Rs 7565.91
crore. Provision for interest rose 41.81% to Rs 276.38
crore. Loan funds rose to Rs 699.01 crore as of 31 March 2024 from
Rs 522.73 crore as of 31 March 2023. Inventories rose to Rs 3,608.55
crore as of 31 March 2024 from Rs 3,272.79 crore as of 31 March 2023. Sundry
debtors were higher at Rs 1,213.14 crore as of 31 March 2024 compared to Rs
1,154.36 crore as of 31 March 2023. Cash and bank balance rose to Rs
11,068.87 crore as of 31 March 2024 from Rs 2,961.04 crore as of 31 March
2023. Investments rose to Rs 786.29 crore as of 31 March 2024 from
Rs 213.65 crore as of 31 March 2023 .
PBDT rose 28.67% to Rs 7289.53
crore. Provision for depreciation fell 1.29% to Rs 1623.38
crore. Fixed assets increased to Rs 26,889.91 crore as of 31 March
2024 from Rs 18,207.67 crore as of 31 March 2023. Intangible assets
increased from Rs 7,869.69 crore to Rs 8,219.27 crore.
Profit before tax grew 40.93% to Rs
5,666.15 crore. Share of profit/loss was 18.27% lower at Rs 22.9
crore. Provision for tax was expense of Rs 1162.61 crore, compared
to Rs 705.11 crore. Effective tax rate was 19.70% compared to
18.91%.
Minority interest increased 163.33%
to Rs 1,161.22 crore. Net profit attributable to owners of the
company increased 38.45% to Rs 3,576.79 crore.
Equity capital increased from Rs 397.13
crore as of 31 March 2023 to Rs 439.54 crore as of 31 March
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 66.70% as of 31
March 2024 ,compared to 63.15% as of 31 March 2023 .
Operational Highlights:
Q4FY2024
Clinker & Cement sales volume
growth of 17.3% YoY at 16.6 Million Ton.
Kiln Fuel cost reduced by 17%, (Rs
2.21/’000 kCal to Rs 1.84/’000 kCal).
WHRS power mix has gone up by 4.5 pp
to 13.5%.
FY2024
Clinker & Cement sales volume
growth of 8.1% YoY at 59.2 Million Ton.
Kiln Fuel cost reduced by 26%, (Rs
2.58/’000 kCal to Rs 1.90/’000 kCal).
WHRS power mix has gone up by 7.4 pp
to 12.4%.
Others
Promoter group fully subscribed to
warrants by infusing Rs 20,000 Cr in company.
Successfully completed three
acquisitions (Sanghi, Asian Cements & GU in Tuticorin), Cement capacity
increased by 11.4 MTPA taking total capacity to 78.9 MTPA.
4 MTPA Clinkering & 4.8 MTPA
Cement capacity targeted to commence in Q4 FY ’25.
Highest Clinker & Cement sales
over last 20 quarters.
Dividend: The Board of Directors have recommended a dividend on
equity shares at Rs. 2.00 per share.
Management
Commentary
Mr. Ajay Kapur, Whole Time Director & CEO,
Ambuja Cements said, “Our impressive financial performance during the year is a
testament to the resilience and adaptability of our business model. It mirrors
the Indian economy, which has emerged as a bright spot amidst a challenging
global economic scenario. We remain steadfast in delivering long-term value and
sustainable growth as we soar towards doubling capacities, investment in
efficiency improvement, green power, assured supplies of raw-material and fuel.
We continue to play a vital role in the nation’s growth story. Our growth
blueprint implemented in the previous year towards capacity-building through
organic and inorganic way, operational efficiency, and decarbonisation measures
are yielding excellent results. “Cost optimisation remains core part of our
strategy”.
| Ambuja Cements : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 8,893.99 | 7,965.98 | 11.65 | 33,159.64 | 38,937.03 | -14.84 | | OPM (%) | 19.10 | 15.55 | 354 bps | 19.30 | 13.16 | 614 bps | | OP | 1,698.65 | 1,239.03 | 37.10 | 6,399.51 | 5,122.37 | 24.93 | | Other Inc. | 233.46 | 284.47 | -17.93 | 1,166.40 | 737.71 | 58.11 | | PBIDT | 1,932.11 | 1,523.50 | 26.82 | 7,565.91 | 5,860.08 | 29.11 | | Interest | 92.91 | 39.43 | 135.63 | 276.38 | 194.90 | 41.81 | | PBDT | 1,839.20 | 1,484.07 | 23.93 | 7,289.53 | 5,665.18 | 28.67 | | Depreciation | 453.06 | 352.33 | 28.59 | 1623.38 | 1644.67 | -1.29 | | PBT | 1,386.14 | 1,131.74 | 22.48 | 5666.15 | 4020.51 | 40.93 | | Share of Profit/(Loss) from Associates | 3.43 | 4.28 | -19.86 | 22.9 | 28.02 | -18.27 | | PBT before EO | 1389.57 | 1136.02 | 22.32 | 5689.05 | 4048.53 | 40.52 | | EO Income | 211.57 | -147.13 | LP | 211.57 | -319.04 | LP | | PBT after EO | 1601.14 | 988.89 | 61.91 | 5900.62 | 3729.49 | 58.22 | | Taxation | 75.36 | 225.59 | -66.59 | 1162.61 | 705.11 | 64.88 | | PAT | 1525.78 | 763.3 | 99.89 | 4738.01 | 3024.38 | 56.66 | | Minority Interest (MI) | 470.62 | 118.36 | 297.62 | 1161.22 | 440.98 | 163.33 | | Net profit | 1055.16 | 644.94 | 63.61 | 3576.79 | 2583.4 | 38.45 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1055.16 | 644.94 | 63.61 | 3576.79 | 2583.4 | 38.45 | | EPS (Rs)* | 4.61 | 3.73 | 23.66 | 17.37 | 14.12 | 23.01 | | | * EPS is on current equity of Rs 397.13 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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