ACC Q3 Results Review - Beat On All Fronts; Retain Buy: Axis Securities

Axis Securities Report

ACC Ltd.'s reported a steller set of numbers as its Volume/Revenue/Ebitda/APAT grew by 16%/8%/139%/375% YoY (above expectations), driven by better demand, higher realization and lower cost.

The company recorded an Ebitda Margin of 18.4% against 8.4% YoY (above estimates), primarily owing to the lower fuel/freight and fixed cost on a YoY basis. ACC’s blended Ebitda/tonne stood at Rs 1,017, up 106% YoY and it reported blended realization/tonne of Rs 5,522 against Rs 5,475 up 4% QoQ.

The volume for the quarter stood at 8.6 million tonnes per annum, up 16%/10% YoY/QoQ (above expectations). Cost/tonne lowered by 17% YoY to Rs 4,505 on account of better synergies, and lower fuel and freight costs. The company reported a profit of Rs 538 crore, up 375% YoY.

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