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.
IDBI Capital Report
ACC Ltd.’s Q1 CY21 Ebitda is 14% higher than our estimate.
Beat in the number is led by volume and lower costs.
Volume in the quarter has increased by 22% year-on-year and opex/t is down Rs 350/t quarter-on-quarter.
Though realisation was down 1% quarter-on-quarter but Ebitda/t was up 18% quarter-on-quarter and was supported by higher volume and lower raw material cost, other expenses.
ACC’s has re-iterated greenfield expansion of 3.7mtpa Ametha plant in Q2 CY22, this will increase its capacity by 10%.
We have factored better volume and lower costs in CY21/22, this has resulted in higher Ebitda by 5%/10% respectively
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