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Dolat Capital Report
ACC Ltd. reported revenue and volume in line but realisation, Ebitda, Ebitda/tonne (highest ever) and adjusted profit after tax above estimates.
ACC posted 49.4%/ 66.8%/ 113.4% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 38.8 billion/ Rs 8.7 billion/ Rs 5.7 billion led by 42.5% YoY volume growth (down 14.2% QoQ) coupled with up 0.3% YoY (up 7.6% QoQ) realisation growth.
We expect 14.7%/ 23.0%/ 25.1% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over CY20-22E led by 17.1%/ 8.2% volume growth and 1.3%/ 1.0% cement realisation growth in CY21E/ CY22E.
We broadly maintain our revenue estimates but increase Ebitda and profit after tax estimates for CY21E/ CY22E considering H1 CY21 results.
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