ACC Q3 Review - Positive Surprise On Margin Front: ICICI Direct
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ICICI Direct Report
ACC Ltd. surprised positively on the margin front amid a high cost environment. This led to better-than-expected profitability for the quarter.
Clocked revenue of Rs 3,749 crore, up 6.0% YoY but down 3.5% QoQ driven by sales volumes (up 1.2% YoY to 6.57 million tonne) and realisations (up 4.7% YoY).
ACC's Ebitda/tonne up 4.8% YoY to Rs 11084/tonne (last quarter Ebitda/tonne Rs 1,271/tonne).
Ebitda margin was better i.e. at 19% versus our estimate: 17.5%.
Ensuing profit after tax was at Rs 450.2 crore, up 23.7% YoY (down 20.9% QoQ) on higher other income (up 39% YoY to Rs 63.3 crore) and better margins.
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