IDBI Capital: ACC’s Volume At Prior Year Level, Driven By Retail Sales
A construction worker holds a trowel of cement as he lays bricks. (Photographer Simon Dawson/Bloomberg)

IDBI Capital: ACC’s Volume At Prior Year Level, Driven By Retail Sales

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ACC Ltd.’s Q3 CY20 Ebitda is higher than our/consensus estimate by 8%/15%.

The beat is driven by volume, as ACC reported up 1% YoY increase in the volume. Margin was largely flat on QoQ basis, despite lower realisation, as efficiency and cost reduction plans along with Ambuja Cement Ltd. supported the margin trajectory.

We have revised CY20/21E Ebitda estimate up by 9%/10%.

Company has net cash of Rs 47 billion which provides it with cushion to increase the dividend payout.

Click on the attachment to read the full report:

IDBI Capital ACC Q2FY21 Result Update.pdf

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