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ACC Ltd - Q3CY20 First Cut - ICICI Securities

Posted On: 2020-10-19 22:12:12 (Time Zone: Arizona, USA)


(CMP: Rs. 1,562; MCap: Rs. 29,345 crore)

ACC Ltd reported better results for Q3CY20 with sales volume bouncing back to pre-Covid levels during the quarter supported with healthy realisations. With cost remaining under control, the company also managed to report healthy margins and profitability during the quarter.

Q3CY20 Earnings Summary

- Revenues increased 0.3% YoY to Rs. 3537.3 crore (vs. I-direct estimate: Rs. 3311 crore) led by sales volume growth of 0.8% YoY to 6.49 MT. Strong rural demand along with revival of infrastructure projects supported sales volume growth. RMC volumes, however, declined 43% YoY to 0.46Mio due to localised lockdowns in the urban market. Sales realisations remained healthy despite monsoon during the quarter. It grew by 0.5% QoQ (down 0.5% YoY) to Rs. 5450/t (vs I-direct estimate: Rs. 5300/t)

- Margins for the quarter improved by 319 bps YoY to 19% (vs. I-direct estimate: 16.1%) and EBITDA/t for the quarter was at Rs. 1035 per tonne (vs. I-direct estimate: Rs. 855 per tonne), an increase of 19.6% YoY. Except RM costs all the major cost heads were down by average 14% on YoY basis. Major costs like P&F costs and freight costs declined by 20.3% and 10.3% YoY respectively, the benefits of which were partially off-set by higher RM cost. Still, total costs per tonne declined 4.3% YoY to Rs. 4416 per tonne (vs. I-direct estimate of Rs. 4,445/t)

- With sales volume crossing pre-Covid levels, absolute EBITDA increased by 20.5% YoY to Rs. 671.4 crore (vs. I-direct estimate: Rs. 534 crore)

- Better operating performance led to company reporting net profit of Rs. 363.9 crore that remained ahead of our estimated net profit of Rs. 312.3 crore

- The Board has also approved the appointment of MR Kumar (Chairman, LIC of India) as an Additional Director on the Board of the company with effect from October 19, 2020

Despite ongoing monsoon and slowdown in urban market the company managed to report healthy operating performance. Going forward, we expect the further recovery in demand, which would mainly be led by government stimulus measures, easing of supply side disruptions along with pick-up in infrastructure projects and urban construction activities. We would be coming out with a detailed report soon.

Shares of ACC LTD. was last trading in BSE at Rs.1562.8 as compared to the previous close of Rs. 1561.4. The total number of shares traded during the day was 53073 in over 3247 trades.

The stock hit an intraday high of Rs. 1574 and intraday low of 1539. The net turnover during the day was Rs. 82560138.


Source: Equity Bulls

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