ACC Q3 Review - In-Line Ebitda/Tonne; Cost Initiatives Yielding Result: Systematix
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Systematix Research Report
ACC Ltd.’s Q3 CY21 Ebitda at Rs 7.1 billion (up 6.1% YoY, down 18.7% QoQ) was 2% below our estimates.
Cement revenues at Rs 34 billion (excluding other operating income) were higher by 2.9% YoY led by volume/net sales realisation growth of 1.2%/1.7% YoY.
Ready mix concrete segment net revenues grew 54.4% YoY driven by ~48% volume growth, while implied Ebitda stood at Rs 118 million versus a loss of ~Rs 270 million YoY.
Cement sales volumes at 6.57 million tonne were up 1.2% YoY and lower by 3.9% QoQ.
Cement net sales realisation at Rs 5,175/tonne was up 1.7% YoY but down 1.6% QoQ.
ACC’s unit operating profit at Rs 1,083 was 1.2% below our estimates owing to higher-than-expected other expenses.
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