ACC Q3 Results Review -Robust Quarter Led By Cost Reduction; Downgrade To Accumulate: Dolat Capital

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.ACC Ltd.'s Q3 FY24 reported beat on estimates, however realization in line.ACC posted +8.3% YoY revenue to Rs 49.1 billion (plus 10.8% QoQ) led by plus 16.5% YoY in volume to 8.9 mt(plus 9.9% QoQ), which was partially offset by -4.9% YoY in realization to Rs 5,185 (plus 1.7% QoQ). Ebitda/ APAT plus 138.6%/ plus 179.6 YoY to Rs 9 billion/ Rs 5.4 billion led by better operating performance.We expect -0.3%/ plus 26.9%/ plus 30.7% revenue/ Ebitda/ APAT compound annual growth rate over FY23- FY26E led by -7.0% (plus 16.7% on like-to-like basis)/ plus 7.0%/ plus 5.0% volume growth and -2.3%/ 0.0%/ 0.0% cement realization growth in FY24E/ FY25E/ FY26E.We increase Ebitda estimates by 8.6%/ 10.9%/ 9.6% for FY24E/ FY25E/ FY26E factoring lower opex. Stock has run up by ~30% since our last update note (26 October 2023) leaving limited upside. Thus, we downgrade from 'Buy' to 'Accumulate' with a revised target price of Rs 2,699 based on 11 times consolidated FY26E enterprise value /Ebitda.Click on the attachment to read the full report:.International Holocaust Remembrance Day 2024: Date, History And Significance.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ACC Q3 Results Review -Robust Quarter Led By Cost Reduction; Downgrade To Accumulate: Dolat Capital

Ametha IU has started commercial production of 1mtpa cement capacity in Q3 FY24.

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