ACC Q2 Review - Stellar Performance, All Round Beat: KRChoksey
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KRChokey Research Report
ACC Ltd. reported revenue growth of 49.3% YoY at Rs 38,849 million, 17.9% above our estimate.
Cement volume saw strong growth of 43.7% YoY to 6.8 million tonne from 4.8 million tonne in Q2 CY20, mainly driven by robust demand and low base effect.
Ebitda for the quarter was up by 65.5% YoY (1.1% QoQ) to Rs 8,693 million. Ebitda margin expanded by 219 basis points YoY/ 233 bps QoQ to 22.4%.
Margin expansion was largely due to effective cost control on ACC's part driven by efficiencies under project 'Parvat', geo-mix and network optimisation.
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