ACC’s key products/revenue segments include Cement, Ready Mix Concrete, Other Operating Revenue, Scrap for the year ending 31-Dec-2021.
Financials
For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 6575.62 crore, up 37.79% from last quarter Total Income of Rs 4772.11 crore and up 31.50% from last year same quarter Total Income of Rs 5000.51 crore. The company has reported net profit after tax of Rs 1091.47 crore in the latest quarter. The company’s top management includes Mr.Karan Adani, Mr.Ajay Kapur, Mr.Vinay Prakash, Mr.Sandeep Singhi, Mr.Arun Kumar Anand, Mr.Nitin Shukla, Mr.Rajeev Agarwal, Ms.Ameera Shah. Company has S R B C & Co. LLP as its auditors. As on 31-12-2024, the company has a total of 19 crore shares outstanding. Investment Rationale
ACC reported lower-than-estimated operating performance (adjusted for one-offs). While the company continued to post higher volume growth (up 20% YoYin 3Q), driven by higher MSA volumes, lower realization weighed on margins. Motilal Oswal Financial Services expects margin recovery to be gradual due to weak pricing in a few of its core markets (South and East) and slower-than-expected realization in cost savings through group synergy. The brokerage cut its EBITDA estimates by 18%/13%/11% for FY25/FY26/FY27. They estimated a CAGR of 34%/41% for EBITDA/PAT over FY25-27, albeit on a low base. Motilal Oswal estimates a volume CAGR of ~9% over FY25-27. Additionally, EBITDA/t is estimated to improve to Rs 690/ Rs 800 in FY26/FY27 vs INR530 in FY25. ACC trades inexpensively at 10x/7x FY26E/FY27E EV/EBITDA. The brokerage values the stock at 10x Dec?26E EV/EBITDA to arrive at our revised target price of Rs 2,400 (earlier Rs 2,680). Promoter/FII Holdings
Promoters held 56.69 per cent stake in the company as of 31-Dec-2024, while FIIs owned 5.14 per cent, DIIs 24.56 per cent.
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