Consolidated revenue during the quarter grew by 22.7 percent to Rs 4,213 crore compared to Rs 3,433 crore in the year-ago period.
‘); $ (‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]); //if(resData[stkKey][‘percentchange’] > 0){ // $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); // $ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); //}else if(resData[stkKey][‘percentchange’] = 0){ $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); //$ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); $ (‘#gainlosstxt_’+articleId).find(“.arw_red”).removeClass(“arw_red”).addClass(“arw_green”); }else if(resData[stkKey][‘percentchange’] 0) { var resStr=”; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; var newappndStr = makeMiddleRDivNew(d); appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); });
ACC share price rose over 5 percent in early trade on April 21 after the company reported a strong set of numbers for the first quarter of CY21.
The company’s consolidated profit surged 74.2 percent year-on-year to Rs 563 crore backed by a strong topline and better-than-expected operating performance.
Consolidated revenue during the quarter grew by 22.7 percent to Rs 4,213 crore compared to Rs 3,433 crore in the year-ago period.
Also Read – ACC Q1 profit surges 74.2% to Rs 563 crore, beats estimates on strong operating performance
Here is what brokerages have to say on the stock and company after Q1 earnings:
Citi | Rating: Buy | Target: Rs 2,600
The company’s EBITDA was ahead of estimates. It remains the top pick in the sector, the brokerage said.
Citi expects industry utilisation to trend up & price hikes to offset cost inflation. At an EV/t of USD 95, the company trades below historical EV/t peaks. The Q1 EBITDA/t is higher than our estimate for CY21.
CLSA | Rating: Underperform | Target: Rs 2,080
The company has reported a Q1 EBITDA of Rs860 crore, which is 26% above estimates. The volume was up 21% YoY & ASP decline of 1% QoQ in-line with the estimates.
Jefferies | Rating: Buy | Target: Raised to Rs 2,300
Jefferies raise EPS estimate by 8-9%. The miss on cement realisation offset by cost savings & higher volumes.
Macquarie | Rating: Outperform | Target: Rs 2,191
The growth & cost efficiency programme is on track. The EBITDA beat was driven by lower costs, volumes & realisation in-line. Raising CY21 & CY22 earnings by 4% & 5%.
Dolat Capital | Rating: Buy | Target: Rs 2,371
With Government’s increased spending and its strong focus on infrastructure development, ACC maintains a cautious yet positive outlook for overall cement demand in the coming months.
We broadly maintain our CY21E/ CY22E estimates considering Q1CY21 results.
Prabhudas Lilladher | Rating: Buy | Target: Rs 2,150
ACC delivered a strong performance on the cost front over the last couple of years despite constrained capacity and a steep surge in coal/diesel prices.
We see scope for further cost reduction on front of a) power & fuel through an increase in the share of waste heat recovery (WHR), solar power and modernisation in kilns, b) fixed costs and c) increase in the share of volumes under Master supply agreement (MSA) with Ambuja Cement.
Yes Securities | Rating: Add | Target: Rs 2,028
We upgrade our volume estimates by 4.8%/2.4% and EBITDA estimates by 12.1%/11.2% for CY21E/CY22E respectively.
In the medium term, we expect volume/EBITDA CAGR of 13.5%/11.3% over CY20-CY22E. The balance sheet would continue to remain strong despite capex with net cash of Rs 65.4 billion in CY22E versus Rs 60 billion in CY20.
Motilal Oswal | Rating: Buy | Target: Rs 2,205
ACC trades at a 35–60% valuation discount to peers Shree, UltraTech, and Ramco. We believe such a large discount is excessive as (a) ACC has arrested its market share losses since CY17, (b) cost is expected to stay in check, aided by savings in logistic costs, and (c) with planned expansions, the proportion of inefficient assets would decline, improving profitability.
ICICI Direct | Rating: Buy | Target: Rs 2,250
While structural issues w.r.t CoP needs to be addressed for the sustenance of healthy margins, strong b/s and improved cash flow remain key positives. Further, new capacities would bring growth back on track.
The Covid induced lockdown may impact sales in the near term. However, strong underlying demand should help the company recover lost volumes as and when normalcy resumes.
At 09:20 hrs, ACC was quoting at Rs 1,950.05, up Rs 73.20, or 3.90 percent on the BSE.
The share touched a 52-week high of Rs 2,022.75 and a 52-week low of Rs 895.50 on 09 April 2021 and 25 March 2020, respectively.
Currently, it is trading 3.59 percent below its 52-week high and 117.76 percent above its 52-week low.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
