Summary UltraTech Cement Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights UltraTech Cement Ltd (UltraTech) is a manufacturer of cement and ready-mix products. The company's product portfolio includes ordinary portland cement, portland blast furnace slag cement, portland ...
. ACC: Washout quarter; cost-saving strategies awaited (ACC IN, Mkt Cap USD5.2b, CMP INR2270, TP INR2430, 7% Upside, Neutral) Margin at a historical low; blended EBITDA/t at INR23 ACC reported a dismal set of 3QFY23 earnings as higher energy costs impacted operating metrics adversely. EBITDA stood at a mere INR154m (est. INR2b), though revenue was 2% above our estimate. EBITDA/t of INR23 and OPM of 0.4% was at historically low levels. Adjusted loss stood at INR748m v/s our estimate of a p...
The independent financial analyst theScreener just lowered the general evaluation of ACC (IN), active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date February 25, 2022, the closing price was INR ...
ACC: Cost saving strategies yielding results (ACC IN, Mkt Cap USD5.6b, CMP INR2246, TP INR2692, 20% Upside, Buy) Operating performance marginally above our estimate ACC's 3QCY21 operating performance was marginally above our estimate, led by higher-than-estimated realization (down 2% QoQ v/s our estimate of a 3% decline). EBITDA stood at INR7.1b (est. INR6.9b). EBITDA/t stood at INR1,083 (est. INR1,021). Its expansion plans are largely on track. It is likely to commission clinker/grindi...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
ACC: Expansion provides growth visibility (ACC IN, Mkt Cap USD5.4b, CMP INR2151, TP INR2480, 15% Upside, Buy) Cost control to drive earnings growth ACC's 2QCY21 result surprised positively on strong cost control. Moreover, coupled with a better pricing environment, this led to EBITDA/t of INR1,279 - the highest since CY10 - despite higher energy costs. ACC's Central India expansion should be commissioned in 2HCY22, potentially driving a 9% volume CAGR over CY21-23E. We expect costs to r...
Q4CY19 result highlights Adj. PAT +6.7% yoy to Rs2.7bn:led by higher volumes partially offset by muted realisations. Volume growth picked up (+4% yoy): to 7.76m tons led by uptick in demand in East (~20%+ of volumes), while demand in South was weak, particularly in AP (sustained delay in projects on lack of funds). Realisation growth was muted at 0.5% yoy (-Rs245/t qoq): adj. for Rs3.89bn RMC revenues (+8.2% yoy). The increase in realisation was led by substantial price hikes in 1HCY19. How...
ACC: Continues to deliver on cost and volumes (ACC IN, Mkt Cap USD3.9b, CMP INR1501, TP INR1790, 19% Upside, Buy) Capacity expansion to drive growth, valuations attractive ACC's 4QCY19 result reflects management's efforts to reduce costs and maintain market share. Volumes increased 4% YoY in a weak market demand environment. Notably, ACC has delivered 8% CAGR in volumes over CY16-19, as against all-India growth of 7%. Costs declined further by 2% QoQ to INR4,536/t. We maintain our CY20/...
Q3CY19 result highlights Adj. PAT +43% yoy to Rs3bn:led by higher realisations partially offset by muted volumes. Volume growth slows down (-1.7% yoy): to 6.44m tons led by weak demand across regions on account of execution slowdown in infrastructure projects and heavy monsoons. Realisation improves 4% yoy (-5.3% qoq): adj. for Rs3.4bn RMC revenues (+10% yoy). The yoy increase in realisation was led by substantial price hikes in 1HCY19 and continued growth in premium products (+8% yoy vol...
ACC 3QCY19 RESULTS: In-line; Revival driven by capex-led growth (ACC IN, Mkt Cap USD3.9b, CMP INR1499, TP INR1900, 27% Upside, Buy) Weak demand impacts volume but pricing strong: Volumes declined 1.5% YoY to 6.44mt in 3QCY19. However, premium product volumes increased 8% YoY. Cement realizations were up 4% YoY to INR4,958, but down 6% sequentially due to a fall in prices post May'19. Revenue grew 3% YoY to INR35b (our estimate: INR36b), led by optimization of market/product mix. Better p...
Q2CY19 result highlights Adj. PAT +22% yoy to Rs4.5bn: led by sharp improvement in realisations partially offset by muted volumes and higher costs. Earnings were above estimates on higher than estimated realisations. Volume growth slows down (-0.6% yoy): to 7.2mtpa led by slowdown in government and infrastructure projects across regions on account of general elections. Sharp realisation uptick (+7.7% yoy; 10.9% qoq): adj. for Rs3.7bn RMC revenues (+14% yoy). The increase in realisation (+Rs...
ACC: Margins improve led by higher realizations (ACC IN, Mkt Cap USD4.3b, CMP INR1567, TP INR2040, 30% Upside, Buy) Volumes down marginally but realizations improve: Volumes declined 0.6% YoY to 7.2mt in 2QCY19. However, premium product volumes were up 9% YoY. Cement realizations increased 8% YoY (+12% QoQ) to INR5,255, led by healthy price hikes in the quarter. Revenue grew 8% YoY to INR41.5b (our estimate: INR37.1b), led by optimization of both market and product mix. Profitability imp...
Q1CY19 result highlights Adj. PAT +11.7% yoy to Rs2.74bn: led by sustained volume growth and improvement in realisations. Earnings were below estimates on higher than estimated costs. Volume growth sustains (+5.1% yoy): to 7.47mtpa led by sustained demand by government and infrastructure projects across regions, particularly East (sustained double digit growth), and focus on premium products (+23% yoy). Realisations +2% yoy (+1.2% or Rs55/t qoq): after adj. for Rs3.9bn RMC revenues (+18% yo...
ACC: Lower realizations restrict margin expansion (ACC IN, Mkt Cap USD4.5b, CMP INR1658, TP INR1913, 15% Upside, Buy) A miss on volumes/realizations: Volumes grew 5.5% YoY to 7.5mt (our estimate: 7.61mt) in 1QCY19. Cement realizations were flat QoQ at INR4,701/t (our estimate: INR4,794), as higher prices in south were offset by weaker prices in east. Revenue grew 8% YoY to INR39.2b (our estimate: INR40.5b). Higher-than-estimated cost leads to margin miss: Blended cost/t increased 3% YoY ...
ACC | Annual Report Update: Profitability improves despite cost pressure; Increase in working capital impacts cash flow… (ACC IN, Mkt Cap USD4.2b, CMP INR1552, TP INR1835, 19% Upside, Buy) We have analyzed ACC’s CY18 annual report and the following are the key takeaways: East, Central and North regions expected to drive demand over FY18-20E As per the management, India's total cement capacity stood at 502mt in CY18 and is expected to reach 550mt by CY20. The cement sector recorded a gr...
Q4CY18 result highlights PAT +48.5% yoy to Rs2.53bn:led by sustained volume growth and stable fixed costs (interest & depreciation). Earnings were marginally below estimates on lower than estimated realisations. Volume growth sustains (+8.4% yoy): to 7.5mtpa led by sustained demand across regions and focus on premium products. Realisations +2.1% yoy (-2% or Rs100/t qoq): after adj. for Rs3.6bn RMC revenues (+13% yoy). The realisation decline was led by lower prices across markets. However, ...
ACC: Outperformance on volumes; big support to margins from cost curbs (ACC IN, Mkt Cap USD3.6b, CMP INR1388, TP INR1838, 32% Upside, Buy) Volume beat, realizations below estimate: 4QCY18 volumes grew 8.4% YoY to 7.5mt (our estimate: 7.42mt). Cement realizations declined ~1.3% QoQ to INR4,714/t (our estimate: INR4,769/t) due to pricing pressure in key markets. Revenue grew 11% YoY to INR38.9b (our estimate: INR38.74b). Lower-than-estimated costs lead to margin beat: Blended cost/t increa...
A director at Acc Ltd sold 3,100 shares at 1,344.352INR and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...
Q3CY18 result highlights PAT +16% yoy to Rs2.05bn: in line with estimates as strong volumes and cost efficiencies offset the lower than estimated realisations. Volume growth at 10% yoy to 6.55mt: led by sustained growth in East and central region, despite a high base and lean season. Hence, utilisations improved to 80% in the quarter. Realisations fell 2% qoq (+0.6% yoy): after adj. for Rs3bn RMC revenues (+6% yoy). The decline in realisations was a key area of disappointment and was attrib...
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