ACC Q1 Results - Healthy Operational Performance: ICICI Direct
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ICICI Direct Report
ACC Ltd.'s Q1 CY21 performance was ahead of our estimates led by better sales volumes and higher margins.
Sales volume increased 21.5% year-on-year to 7.97 million tonnes (up 3.4% quarter-on-quarter) while realisations increased 0.9% YoY (flat QoQ) to Rs 5,385/t leading to revenue growth of 22.6% YoY to Rs 4,292 crore.
Strong demand along with lower base of last year and partial benefit of new capacity (1.4 MT) led to healthy sales volume growth.
However, ready mix concrete volumes fell 10.7% YoY to 0.83 million cubic metre (up 14.7% QoQ).
Reported Ebitda margin came in at 20% (up 330 basis points YoY, 625 basis points QoQ), higher than our estimate of 16.5% due to volume led operating leverage and lower other costs.
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