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ICICI Securities Report
ACC Ltd. continue to surprise positively for third consecutive quarter with Q3 CY20 Ebitda increasing 21% YoY to Rs 6.7 billion - higher than our / consensus estimates.
Volumes grew 1.4% YoY versus our estimate of 2% YoY decline; while realisation grew 2.8% YoY (our estimate 2% YoY).
Cement Ebitda/tonne increased 25% YoY to Rs 1,015/tonne; while blended Ebitda/tonne grew 19% YoY to Rs 991/tonne.
The company’s cost efficiency programme ‘Parvat’ which seems to be targeting cost savings of Rs 150-200/tonne and increased traction in master supply agreement with Ambuja Cement Ltd. would drive sustainable improvement in ACC’s profitability, in our view.
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