“For 4QCY2013 Ambuja Cements’ stand-alone top-line fell by 5.3% yoy to Rs. 2,191cr. While realization fell by 3.5% on yoy basis, volume was down by 1.9% yoy to 5.25mn tonnes. OPM stood at 13.9%, down 537bp on yoy basis impacted by lower realization. The company’s cost per tonne rose by 2.8% yoy due to higher freight costs and other expenses. Reported PAT rose by 49% yoy to Rs. 317cr aided by tax write back of Rs. 100cr. Adjusted PAT came in-line with estimates. We maintain a neutral rating on the stock.”
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