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IDBI Capital Report
ACC Ltd.'s Q2 CY22 Ebitda came 35% lower than our estimate and 16% lower than consensus estimates. Weak result is due to Ebitda margin of 9.5%, which is ACC's lowest quarterly margin in the last six years.
Though volume was up 11% YoY leading to revenue increase of 15% YoY but Ebitda declined by 51% YoY in Q2 CY22.
Though the result is weak, but downside could be protected from the buyback priced at Rs 2300.
ACC has highlighted capacity addition in Ametha project is on track by CY22 (install capacity to increase by 14%). Catalyst for stock is price hike to pass on the cost inflation.
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