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Guj Ambuja: OPM expands in 3Q

Apr 27, 2001

Gujarat Ambuja Cements has posted a 17% growth in topline for the quarter ended March 2001. The company has benefited from a rise in operating margins, as cement realisations have remained firm over this period. Cement volumes for the quarter were put at 1.54 million tonnes, an increase of 2.9% YoY. The sluggish growth in volumes can be attributed to the initiative taken by cement producers to limit supply in the market.

(Rs m) 3QFY00 3QFY01 Change
Net Sales 2,850 3,410 19.6%
Other Income 60 49 NM
Expenditure 1,870 2,138 14.3%
Operating Profit (EBDIT) 980 1,272 29.8%
Operating Profit Margin (%) 34.4% 37.3%
Interest 230 320 38.9%
Depreciation 310 344 10.9%
Profit before Tax 500 658 31.7%
Tax - -
Profit after Tax/(Loss) 500 658 31.7%
Net profit margin (%) 17.5% 19.3%
No. of Shares (eoy) 147.2 147.2
Diluted Earnings per share#* 13.6 17.9
*(annualised)

The company has witnessed an increase in the interest and depreciation expenditures. This is mainly on account of the expansion activities taken on by the company. Under this plan, Ambuja will see its capacity rise from 5.5 million tonnes in FY00 to 9 million tonnes in FY03.

During the quarter GACM issued convertible bonds bearing an interest coupon of 1%. This will help the company in cutting its interest expenditure.

Ambuja, however, has witnessed a marked turnaround as far as its subsidiaries are concerned. Ambuja Cement Eastern has posted a profit of Rs 101 m as against a loss of Rs 96 million in the corresponding period last year. Similarly, Ambuja cement Rajasthan has managed to post a cash profit.

The stock currently tades at Rs 166, implying a P/e of 9.3 on annualised 3Q earnings.

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