Ambuja Cements Ltd

Ambuja Cements Limited is an India-based holding company, which is engaged in the manufacture of clinkers and cement.

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 45.63%
Cons:
The company has delivered a poor growth of 4.46% over past five years.
Tax rate seems low
Company has a low return on equity of 6.80% for last 3 years.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Cement // Industry: Cement - North India

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
2,015 2,224 2,559 2,854 2,322 2,715 2,863 3,017 2,614 2,863 2,928 2,978
1,707 1,890 2,165 2,203 1,967 2,174 2,355 2,395 2,256 2,459 2,464 2,280
Operating Profit 308 335 394 651 354 541 507 622 358 404 463 698
OPM % 15% 15% 15% 23% 15% 20% 18% 21% 14% 14% 16% 23%
Other Income 174 41 102 56 153 48 51 191 48 -45 240 58
Interest 20 14 38 16 31 22 26 19 19 18 17 21
Depreciation 159 156 146 144 140 143 139 136 136 136 131 131
Profit before tax 303 205 312 547 336 424 393 658 251 204 555 605
Tax % 18% 13% 21% 28% 19% 20% 31% 24% 29% -163% 23% 32%
Net Profit 248 179 247 392 272 338 272 499 179 537 427 412
EPS in Rs 1.25 0.90 1.24 1.98 1.37 1.70 1.37 2.51 0.90 2.71 2.15 2.08
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 TTM
5,518 6,085 6,989 7,297 8,472 9,685 9,129 9,934 9,417 9,197 10,457 11,357 11,383
3,502 4,378 5,122 5,519 6,519 7,285 7,462 8,005 7,885 7,504 8,517 9,466 9,459
Operating Profit 2,016 1,707 1,867 1,778 1,953 2,399 1,667 1,928 1,531 1,692 1,940 1,891 1,924
OPM % 37% 28% 27% 24% 23% 25% 18% 19% 16% 18% 19% 17% 17%
Other Income 1,009 555 256 320 248 143 402 429 358 510 359 246 301
Interest 76 32 22 49 53 76 65 64 92 74 107 82 76
Depreciation 236 260 297 387 445 565 490 510 626 849 573 548 535
Profit before tax 2,712 1,970 1,803 1,662 1,703 1,902 1,514 1,783 1,172 1,279 1,619 1,506 1,615
Tax % 35% 29% 32% 24% 28% 32% 14% 16% 31% 27% 23% 1%
Net Profit 1,769 1,402 1,218 1,264 1,229 1,297 1,295 1,496 808 932 1,250 1,487 1,555
EPS in Rs 11.03 8.84 7.59 7.83 7.50 7.83 7.76 8.71 4.63 4.69 6.29 7.49 7.84
Dividend Payout % 30% 24% 30% 31% 40% 43% 43% 52% 54% 60% 57% 20%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.44%
5 Years:4.46%
3 Years:6.44%
TTM:4.28%
Compounded Profit Growth
10 Years:2.98%
5 Years:5.48%
3 Years:29.82%
TTM:12.53%
Stock Price CAGR
10 Years:8.17%
5 Years:-0.45%
3 Years:-6.30%
1 Year:-7.57%
Return on Equity
10 Years:10.74%
5 Years:7.86%
3 Years:6.80%
Last Year:7.69%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Jun 2019
304 305 305 306 307 308 309 310 310 397 397 397 397
Reserves 4,356 5,368 6,166 7,023 7,763 8,497 9,176 9,793 9,996 18,960 19,576 20,615 21,116
Borrowings 330 289 166 65 49 43 40 29 33 29 24 40 34
1,576 1,883 2,257 2,992 3,506 3,572 3,569 3,903 3,989 4,184 4,838 4,389 4,241
Total Liabilities 6,567 7,845 8,893 10,386 11,625 12,420 13,095 14,035 14,329 23,570 24,835 25,441 25,788
2,960 3,193 3,440 5,628 6,186 5,862 6,063 6,227 6,092 5,942 5,722 5,664 5,678
CWIP 697 1,947 2,714 931 487 520 695 690 414 320 398 610 737
Investments 1,289 332 727 626 864 1,656 1,788 2,173 2,226 11,845 11,845 11,814 11,789
1,621 2,372 2,011 3,201 4,087 4,382 4,549 4,945 5,596 5,463 6,870 7,353 7,585
Total Assets 6,567 7,845 8,893 10,386 11,625 12,420 13,095 14,035 14,329 23,570 24,835 25,441 25,788

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
1,552 968 2,126 1,876 1,533 1,857 1,287 1,675 1,553 1,416 1,836 596
-163 -931 -1,194 -527 -448 -393 -522 -460 -83 -3,469 -173 -254
-1,124 -473 -466 -475 -475 -504 -663 -717 -897 -683 -749 -503
Net Cash Flow 264 -436 466 873 610 960 101 498 573 -2,736 915 -160

Ratios Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
ROCE % 42% 31% 29% 23% 22% 26% 16% 18% 11% 9% 9% 8%
Debtor Days 10 13 8 6 10 8 9 8 11 16 11 15
Inventory Turnover 11.14 8.00 8.62 9.21 9.28 10.15 9.52 10.90 10.56 10.03 10.51 9.75