Q3CY21 Result Update - ACC Ltd - ICICI Direct

ACC surprised positively on the margin front amid a high cost environment. This led to better-than-expected profitability for the quarter.

• Clocked revenue of Rs. 3,749 crore, up 6.0% YoY but down 3.5% QoQ driven by sales volumes (up 1.2% YoY to 6.57 MT) and realisations (up 4.7% YoY)
• EBITDA/t up 4.8% YoY to Rs. 11084/t (last quarter EBITDA/t Rs. 1,271/t). EBITDA margin was better i.e. at 19% vs. I-direct estimate: 17.5%
• Ensuing PAT was at Rs. 450.2 crore, up 23.7% YoY (down 20.9% QoQ) on higher other income (up 39% YoY to Rs. 63.3 crore) and better margins

Key triggers for future price performance

• The company is raising its capacity to 39.3 MT, entailing a capex of ~Rs. 3500 crore, which would be funded through internal accruals
• ACC aims to bring down cost by Rs. 200/t via optimising logistics and fixed cost under project Parvat as its CoP is ~15% higher than industry average
• Expect revenue, PAT CAGR of 15.2%, 21.7%, respectively in CY20-22E

For details, click on the link below: Link to the report

Shares of ACC Limited was last trading in BSE at Rs. 2213.05 as compared to the previous close of Rs. 2235.60. The total number of shares traded during the day was 21024 in over 2293 trades.

The stock hit an intraday high of Rs. 2259.00 and intraday low of 2167.60. The net turnover during the day was Rs. 46451123.00.

Source : Equity Bulls

Keywords

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