ACC on April 19 reported a 41 percent increase in consolidated profit after tax of Rs 396 crore for March quarter as compared to Rs 281 crore in the previous period.
ACC
‘); $ (‘#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 nearly three percent in early trade on April 20 a day after the cement company posted its March quarter earnings.
ACC on April 19 reported a 41 percent increase in consolidated profit after tax of Rs 396 crore as compared to Rs 281 crore in the previous quarter.
Year on year, profit declined 30 percent from Rs 563 crore.
Consolidated revenue rose five percent to Rs 4,427 crore from Rs 4,226 crore in the December quarter.
Year on year, revenue grew three percent from Rs 4,292 crore a year ago.
Catch all the market action on our live blog
Here is what brokerages have to say about the stock and company after earnings:
BofAML
The brokerage has kept an underperform rating on the stock with a target of Rs 2,000.
The numbers were in line as cost containment measures partly offset input cost increase. The volume trajectory remains at marginal year on year dip.
Goldman Sachs
The research house has a maintained neutral rating on the stock with a target of Rs 2,300.
Goldman Sachs expects cost pressures in the second and third quarters of 2022 to keep profitability in check. Major capacity expansions are still 9-12 months away and volume and EBITDA growth will likely lag peers, CNBC-TV18 reported.
Jefferies
The research firm has maintained a buy rating on the stock with a target of Rs 2,400.
The company has reported in-line operating EBITDA while volumes declined three percent year on year led by weak Jan-Feb 2022.
Jefferies cut 2023 EBITDA estimate by seven percent, CNBC-TV18 reported.
Prabhudas Lilladher
ACC reported earnings in line with our and consensus estimates (CE). EBITDA declined 26 percent year on year at Rs 635 crore (PLe: Rs 630 crore, CE: Rs 647 crore) due to 3/24 percent fall in volumes/margins.
ACC has narrowed the gap on margins with peers over the last couple of years on the back of visible reduction in manufacturing costs and higher operational efficiencies under Parvat programme complemented by rationalisation of logistics costs through a master supply agreement (MSA) with Ambuja Cement. However, the scope for further reduction in costs remains limited as a majority of levers are already captured in current cost dynamics, except reduction in power costs on account of upcoming WHR plants.
“In spite of slow pace of price hikes and sharp increase in costs, we continue to like ACC on the back of attractive valuations and upcoming capacity addition of 5 mnt in one of its most profitable and growing region, central region,” the brokerage said.
Maintain buy with target price of Rs 2,300 based on EV/EBITDA of 12x 2023E.
Motilal Oswal
“We expect ACC to benefit from its capacity expansion plans in central India. Benefits from cost-saving strategies (project Parvat and MSA) are expected to continue.
“The company is well-placed to pursue growth opportunities as it will have a net cash of Rs 7,900 crore in 2023 versus Rs 7,440 crore in 2021 despite a growth capex of Rs 3,000 crore over CY22-23E. The management said it will increase capacity to 45-50 million tonne per annum over the next two-to-three years.
“We value ACC at 11.5x 2023 EV/EBITDA (versus its 10-year average EV/EBITDA of 12x) to arrive at our target price of Rs 2,485. We maintain our buy rating on the stock.
“In the near term, news flows regarding Holcim’s possible exit from India will keep the stock in focus.”
At 09:18 hrs ACC was quoting at Rs 2,088.20, up Rs 30.30 or 1.47 percent on the NSE.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes
