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Centrum Broking Report
ACC Ltd. reported below estimate Ebitda of Rs 4.2 billion (our estimate: Rs 5.6 billion), down 33% QoQ/ 51% YoY and blended Ebitda/tonne of Rs 563 (our estimate: Rs 755), down ~32% QoQ/ 56% YoY.
It is the lowest Ebitda/tonne in last 22 quarters. The sequential decrease in Ebitda was primarily due to higher power and fuel and freight cost, offset by marginal increase in cement realisation.
ACC is set to improve efficiency with commissioning of Jamul and Kymore waste heat recovery system plants by Q3 CY22, while orders are placed for further capacity addition at Chanda and Wadi plants (29 mega watt) taking total capacity to 75 mega watt.
The cement capacity expansion of 1 million tonnes per annum at Ametha is on track and is expected to be commissioned by Q4 CY22 and has plan to increase overall capacity to 39.4 mtpa by CY24 end.
Further expansion plans will be looked after takeover by Adani Group.
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