ACC Q1 Results - Better Show Continues, Valuation Attractive: Dolat Capital

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Dolat Capital Report

ACC Ltd. reported revenue and volume in line, realisation below and Ebitda/tonne and adjusted profit after tax above estimates.

ACC posted 22.6%/ 46.7%/ 63.9% year-on-year growth in revenue/Ebitda/ APAT to Rs 42.9 billion/Rs 8.6 billion/Rs 5.2 billion in Q1 CY21 led by 4.0% YoY realisation growth (-0.7% quarter-on-quarter) coupled with +21.5% YoY (+3.4% QoQ) volume growth.

We expect 14.6%/20.5%/20.0% revenue/Ebitda/APAT CAGR over CY20-22E led by 17.4%/8.2% volume growth and 0.4%/1.0% cement realisation growth in CY21E/CY22E.

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