Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  

| More

ACC Ltd - Q3CY20 First Cut - ICICI Securities

Posted On: 2020-10-19 22:12:12

(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

Click here to send ur comments or to

Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only., its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.

Other Headlines:

Vardhman Special Steel - Q2FY21 Company Update - ICICI Direct

Initiating Coverage - Advanced Enzyme Technologies - ICICI Direct

L&T - Secures Large Contract - Nov 25, 2020 - Angel Broking

Alembic Pharmaceuticals - Tentative Approval for JV - Angel Broking

Drug launch by Lupin - Tacrolimus Capsules - Angel Broking

Gujarat Gas - Nov 25, 2020 - Angel Broking

Metropolis Healthcare - Nov 25, 2020 - Angel Broking

NTPC - Showcase of strength & competitiveness - ICICI Securities

Telecom - Market Share TRACKER - Bharti is narrowing the gap on incremental market share vs RJio - ICICI Securities

Cochin Shipyard - Q2FY21 Result Update - ICICI Direct

Engineers India - Q2FY21 Result Update - ICICI Direct

Rupee - Nov 24, 2020 - Reliance Securities

FMCG Sector Update - Recovery unlocked; lower growth divergence - HDFC Securities

Engineers India - Consultancy segment outperformance - ICICI Securities

Engineers India - Q2 FY21 Result Update - YES SECURITIES

Motherson Sumi Systems - Company Update - Virtual Investor Conference - ICICI Direct

Mutual Fund Review - November, 2020 - ICICI Direct

Sadbhav Engineering - Q2FY21 Company Update - ICICI Direct

IRB Infrastructure - Q2FY21 Company Update - ICICI Direct

Vodafone Idea fund raising - Angel Broking

Rupee - Nov 23, 2020 - Reliance Securities

Crude Oil - Nov 23, 2020 - Reliance Securities

Q2FY21 Bank Result Quick Review - Angel Broking

Banks & NBFC's Sector Update Report - Yet another watershed moment? - HDFC Securities

Galaxy Surfactants - EBITDA/kg has an upside risk - ICICI Securities

Diagnostics - COVID-19 tests continue to trend higher - ICICI Securities

Banking & Financial Services - Sector Update - Nov 22, 2020 - ICICI Direct

Dalmia Bharat Sugar - Q2FY21 Company Update - ICICI Direct

Balkrishna Industries - Industry export growth momentum continues - ICICI Securities

Covid Recovery Pulse - Festive positivity continues in auto retails, E-way bill generation improves... - ICICI Direct

Quant Pick - Exide Industries - ICICI Direct

Shankara Building Products - Q2FY21 Company Update - ICICI Direct

Triveni Engineering - Q2FY21 Company Update - ICICI Direct

Initiating Coverage on Sudarshan Chemical - Leaping into the league of giants - HDFC Securities

Earnings Wrap Q2FY21: Earnings outperform, post Covid recovery picks up steam - ICICI Direct

Vodafone Idea Positive development beneficial for IDFC first bank - Angel Broking

Lakshmi Vilas Bank - Angel Broking

WIPRO Buyback record date announcement - Angel Broking

TCS buyback record date announcement - Angel Broking

Banks Sector Update - Collection efficiency - a positive surprise! - HDFC Securities

Quant Pick - Max Financial Services - ICICI Direct

Graphite India - Q2FY21 Result Update - ICICI Direct

Gladiator Stocks - Maruti Suzuki India - ICICI Direct

Exide Industries - Q2FY21 Result Update - ICICI Direct

Mishra Dhatu Nigam - Execution outlook remains strong - ICICI Securities

Bharat Electronics - Diversifying into multiple revenue streams - ICICI Securities

Wipro Ltd - Virtual Analyst Meet Update - ICICI Direct

Avadh Sugar & Energy - November 2020 - Company Update - ICICI Direct

Mahindra Lifespace Developers - H1FY21 Company Update - ICICI Direct

Quant Pick - Godrej Consumer Products - ICICI Direct

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019