Dolat Capital: ACC - Better Show Continues, Valuation Looks Attractive 

Dolat Capital: ACC - Better Show Continues, Valuation Looks Attractive

A cement mixer stands at an abandoned construction site in a property development in Noida, Uttar Pradesh, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Dolat Capital Report

Results were above estimates on all fronts.

ACC Ltd. posted 0.3%/ 20.6%/ 21.0% YoY growth in revenue/ Ebitda/ profit after tax to Rs 35.4 billion/ Rs 6.7 billion/ Rs 3.6 billion in Q3 CY20 led by 0.8% YoY volume growth coupled with 3.8% YoY realisation growth (down 2.7% QoQ).

We expect 5.1%/ 10.5%/ 12.8% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over CY19-22E led by down 11.6%/ 12.6%/ 12.2% volume growth and 3.2%/ 1.5%/ 1.0% cement realization growth in CY20E/ CY21E/ CY22E.

Click on the attachment to read the full report:

Dolat Capital ACC Q3CY20 Result Update.pdf
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This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

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