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    Ambuja Cements down on June quarter results; should you buy?

    Synopsis

    It had clocked a net profit of Rs 684.46 crore in the same quarter last year.

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    Shares of Ambuja Cements closed lower in trade on Friday despite the company posting a 21.51 per cent rise in its consolidated net profit at Rs 831.75 crore for the second quarter ended June 30.

    It had clocked a net profit of Rs 684.46 crore in the same quarter last year.

    Its net sales during the period under review rose 3.41 per cent to Rs 7,068.79 crore as against Rs 6,835.12 crore in the same quarter previous fiscal.

    The company follows January-December financial year.

    Japanese brokerage firm Nomura maintained ‘Neutral’ view on Ambuja Cement with a target price of Rs 240. “Q2 volume is a miss but prices are stronger,” the brokerage house said.

    On the other hand, Reliance Securities said that while Ambuja Cements continued to underperform in terms of its volume and market share, a substantial improvement in realisation aided its operational performance.

    “Further, given steady realisation so far in its key markets, we believe its strong operational performance to sustain in ensuing period too. We have ‘Buy’ rating on the stock with a target price of Rs 242,” Reliance Securities said.

    The shares of the company closed 0.65 per cent lower at Rs 213.35 on BSE.
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    The Economic Times