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Yes Securities Report
ACC Ltd. reported inline revenue of Rs 45.4 billion (up 7% YoY and up 14% QoQ) largely supported by overall volume growth of up 3% YoY and up 12% QoQ to 8 metric tonne, aided by pickup in construction activities. Ebitda/profit after tax came at Rs 3.8/1.9 billion, declined by 32/43% YoY respectively.
In Q4 CY22, ACC charged exceptional items of Rs 791 million towards one time Information technology transition cost and towards special incentives.
ACC's total cost/tonne came 4% below our estimate to Rs 5400 (up 10% YoY) softened by 7% sequentially resulting in Ebitda/tonne of Rs 492 beat by 37% to our estimate (versus Rs 24/tonne in Q3 CY22).
ACC recently commissioned waste heat recovery system at Kymore and Jamul and grinding unit at Tikaria of 1.6 million tonnes per annum. While other ongoing expansions of Ametha 2.7 mtpa clinker and 1 mtpa cement capacity and Salai Banwa 2.2 mtpa are on track which would take total capacity to ~39 mtpa by Q2 FY24E. As a result, we believe the recently added and upcoming capacity in the central market will improve the volume growth by up 8-10% over FY23-25E.
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