ACC Q2 Review - Consistent Performance With Back-To-Back Beat: Prabhudas Lilladher

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Prabhudas Lilladher Report

ACC Ltd. reported Q2 CY21 Ebitda above our/consensus estimates by 10%/17%.

Ebitda grew 65% YoY (up 1% QoQ despite 14% fall in volumes) to Rs 8.7 billion.

This is the sixth consecutive quarter of beat on our/consensus estimates. Better than expected realisations and lower costs drove the beat.

ACC continued its strong work on cost front through increased coverage of volumes under Master supply agreement, reduction in energy consumption and optimisation of logistics network with reduction in lead distance.

We expect further cost reduction of Rs 115-120/tonne, largely on account of upcoming waste heat recovery/solar plants and upgradation of plants.

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