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KRChoksey Report
In Q3 CY21, ACC Ltd. reported revenue growth of 6% YoY/-3.5% QoQ at Rs 37,490 million, which is 1.0% above our estimate. Cement sales volume saw a muted growth of 1.2% YoY to 6.57 MT from 6.49 MT in Q3 CY20, mainly due to seasonality.
Blended realisation was up 4.7% YoY at Rs 5,706/t vs Rs 5,450/t in Q3 CY20. Realisation cools off during the quarter in absence of price hike.
Ebitda margin expanded by 2 bps YoY and contracted 338 bps QoQ to 19%. Margin was impacted by higher cost of raw material and increased power and fuel prices. Profit after tax improved by 23.7% YoY to Rs 4,502 million, beating our estimate of Rs 4,275 million by a margin of 5.3%.
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