ACC Q3 Review - Better Show Continues, Attractive Valuation: Dolat Capital
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Dolat Capital Report
ACC Ltd. reported revenue, volume and realisation in line, however Ebitda, Ebitda/tonne and adjusted profit after tax above estimates.
ACC posted 6.0%/ 6.1%/ 23.7% YoY growth in revenue/ Ebitda/adjusted profit after tax to Rs 37.5 billion/ Rs 7.1 billion/ Rs 4.5 billion led by 1.2% YoY volume growth (down 3.9% QoQ) coupled with up 1.8% YoY (down 1.2% QoQ) realisation growth.
We expect 14.0%/ 19.0%/ 19.8% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over CY20-23E led by 16.0%/ 32.1%/35.9 volume growth and 2.0%/ 1.0%/ 1.0% cement realisation growth in CY21E/ CY22E/ CY23E.
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