ACC Q2 Review - Volume, Realisation Surprises: IDBI Capital
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IDBI Capital Report
ACC Ltd.’s Q2 CY21 Ebitda is 23%/ 21% higher than our/consensus estimate.
Beat in the number is led by volume and realisation. Volume in the quarter has decreased by 15% QoQ versus estimate of down 21% QoQ.
Cement realisation increased by 8% QoQ and was supported by sale of premium cement.
We have factored beat in Q2 result in CY21/22 financials and this has resulted in increase in the Ebitda by 5%/8%.
After Covid 2 related lockdown, ACC has seen pick up in the volume in June 2021 and profitability (Ebitda/tonne) led by realisation has increased sharply.
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