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 37.04%
Cons:
Tax rate seems low
Company has a low return on equity of 8.25% 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 Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
4,896 5,710 6,340 5,379 6,173 6,460 6,835 6,018 6,729 6,831 7,069 6,078
4,270 4,901 5,050 4,606 5,187 5,458 5,541 5,210 5,821 5,834 5,585 5,079
Operating Profit 626 809 1,290 773 986 1,002 1,294 807 908 997 1,484 999
OPM % 13% 14% 20% 14% 16% 16% 19% 13% 13% 15% 21% 16%
Other Income 37 77 84 76 98 90 41 79 22 267 115 117
Interest 34 62 38 52 54 44 46 39 41 38 41 38
Depreciation 326 313 308 297 302 288 286 287 292 280 278 285
Profit before tax 303 512 1,029 500 727 759 1,002 560 597 946 1,280 794
Tax % 11% 22% 30% 30% 34% 32% 32% 29% -131% 27% 35% 33%
Net Profit 270 397 555 261 409 390 526 288 974 495 623 385
EPS in Rs 1.13 1.47 2.80 1.31 2.06 1.96 2.65 1.45 4.91 2.50 3.14 1.94
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
5,605 6,112 6,989 7,297 8,489 9,749 9,161 9,955 9,437 20,094 23,609 26,041 26,706
3,570 4,376 5,123 5,520 6,536 7,349 7,502 8,027 7,895 16,951 19,751 22,032 22,318
Operating Profit 2,035 1,736 1,866 1,777 1,953 2,400 1,659 1,928 1,542 3,143 3,858 4,009 4,388
OPM % 36% 28% 27% 24% 23% 25% 18% 19% 16% 16% 16% 15% 16%
Other Income 1,068 514 256 320 248 143 400 424 353 479 335 234 521
Interest 77 33 22 49 53 78 67 66 92 153 206 170 158
Depreciation 237 260 297 387 446 569 494 513 630 1,461 1,219 1,154 1,135
Profit before tax 2,789 1,958 1,802 1,661 1,701 1,896 1,498 1,774 1,173 2,008 2,768 2,919 3,617
Tax % 34% 29% 32% 24% 28% 32% 15% 16% 31% 29% 30% -2%
Net Profit 1,846 1,390 1,217 1,263 1,228 1,293 1,279 1,486 808 1,105 1,516 2,177 2,478
EPS in Rs 11.53 8.75 7.58 7.83 7.48 7.80 7.66 8.65 4.64 5.57 7.64 10.97 12.49
Dividend Payout % 29% 24% 30% 31% 40% 43% 44% 46% 54% 50% 47% 14%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.60%
5 Years:23.24%
3 Years:40.26%
TTM:4.79%
Compounded Profit Growth
10 Years:6.94%
5 Years:13.86%
3 Years:47.81%
TTM:57.08%
Stock Price CAGR
10 Years:8.71%
5 Years:-2.71%
3 Years:-2.97%
1 Year:-5.04%
Return on Equity
10 Years:11.36%
5 Years:8.88%
3 Years:8.25%
Last Year:10.59%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 4,554 5,367 6,163 7,019 7,758 8,489 9,153 9,760 9,961 19,424 20,275 21,973 22,713
Borrowings 339 289 166 65 69 60 48 34 35 29 24 40 34
1,575 1,885 2,259 2,995 3,526 3,596 3,577 3,909 3,994 13,523 15,346 15,404 15,216
Total Liabilities 6,773 7,845 8,893 10,385 11,660 12,454 13,087 14,013 14,300 33,373 36,042 37,815 38,360
2,978 3,197 3,444 5,632 6,266 5,951 6,147 6,310 6,170 21,410 20,898 20,636 20,464
CWIP 697 1,947 2,714 931 488 524 698 692 416 582 667 1,008 1,251
Investments 1,480 328 722 621 806 1,581 1,714 2,097 2,149 175 153 133 140
1,618 2,372 2,011 3,201 4,100 4,398 4,529 4,915 5,565 11,206 14,323 16,037 16,505
Total Assets 6,773 7,845 8,893 10,385 11,660 12,454 13,087 14,013 14,300 33,373 36,042 37,815 38,360

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
1,544 975 2,126 1,875 1,532 1,860 1,267 1,675 1,557 2,810 3,416 1,727
-162 -912 -1,194 -527 -445 -388 -496 -456 -83 -4,165 -738 -765
-1,118 -499 -466 -475 -473 -509 -672 -721 -900 -958 -1,015 -742
Net Cash Flow 264 -436 466 873 614 962 99 498 574 -2,312 1,663 220

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 41% 30% 29% 23% 22% 26% 16% 18% 11% 12% 14% 15%
Debtor Days 9 13 8 6 11 8 9 8 11 17 14 18
Inventory Turnover 11.19 8.02 8.62 9.21 9.28 10.18 9.53 10.90 10.56 13.13 10.22 9.62

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