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ACC Ltd.'s Q3 CY20 Ebitda is higher than our/consensus estimate by 8%/15%.
The beat is driven by volume, as ACC reported up 1% YoY increase in the volume. Margin was largely flat on QoQ basis, despite lower realisation, as efficiency and cost reduction plans along with Ambuja Cement Ltd. supported the margin trajectory.
We have revised CY20/21E Ebitda estimate up by 9%/10%.
Company has net cash of Rs 47 billion which provides it with cushion to increase the dividend payout.
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