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Arihant Capital\’s research report on ACC

ACC Limited reported good set of numbers for Q3CY21 on YoY basis Revenue from operations grew by 6% YoY however on QoQ basis revenue from operations declined by 3.5% to INR 3749 cr although it was above our estimate of INR 3600 cr. The YoY growth in topine was backed by volume and realization growth. Sales Volume grew by 1.5% YoY however declined by 29% Q0Q to 6.6 million tonne against our estimate of 6.7 million tonne. Realization/ton grew by 7.1% YoY and declined by 0.6% QoQ to INR 5680 against our estimate of INR 5373.Price hike taken in cement prices helped in improved realization.

Outlook

At CMP of INR 2245 the stock is trading at a EV/EBIDTA multiple of 10.6(x) and 9.4(x) to its CY21E & CY22E ,we value the stock at EV/EBIDTA multiple 10.6(x) to its CY22E EBIDTA of INR 3608 cr to arrive at a target price of INR 2,479 and assign Hold rating on the stock.

For all recommendations report, click here

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