ACC Q1 CY21 Result Review - Volume Growth And Costs Surprises: IDBI Capital
Workers load sacks of cement onto trucks in Bihar.(Photographer: Anindito Mukherjee/Bloomberg)

ACC Q1 CY21 Result Review - Volume Growth And Costs Surprises: IDBI Capital


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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

Click on the attachment to read the full report:

IDBI Capital ACC Q1CY21 Result Review.pdf


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