BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
ACC Ltd. has delivered 11% Ebitda/tonne compound annual growth rate over CY16-CY21E versus 7% for our coverage universe led by increased cost efficiencies.
ACC’s Ebitda/tonne inched up to Rs 1,127/tonne during nine months-CY21E resulting in narrowing of the gap versus peers. With higher cost efficiencies via project Parvat, master supply agreement with Ambuja Cements Ltd. and better market/product mix, this gap may shrink further, in our view.
Ametha expansion (of five million tonnes) provides volume visibility over CY22E-CY24E. Net cash may further increase up to Rs 88 billion by CY23E from Rs 60 billion in H1 CY21 thereby increasing probability of higher dividend payout.
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