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 Direct Report
ACC Ltd. surprised positively on the margin front amid a high cost environment. This led to better-than-expected profitability for the quarter.
Clocked revenue of Rs 3,749 crore, up 6.0% YoY but down 3.5% QoQ driven by sales volumes (up 1.2% YoY to 6.57 million tonne) and realisations (up 4.7% YoY).
ACC's Ebitda/tonne up 4.8% YoY to Rs 11084/tonne (last quarter Ebitda/tonne Rs 1,271/tonne).
Ebitda margin was better i.e. at 19% versus our estimate: 17.5%.
Ensuing profit after tax was at Rs 450.2 crore, up 23.7% YoY (down 20.9% QoQ) on higher other income (up 39% YoY to Rs 63.3 crore) and better margins.
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