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ACC Ltd.’s Q1 CY21 Ebitda is 14% higher than our estimate.
Beat in the number is led by volume and lower costs.
Volume in the quarter has increased by 22% year-on-year and opex/t is down Rs 350/t quarter-on-quarter.
Though realisation was down 1% quarter-on-quarter but Ebitda/t was up 18% quarter-on-quarter and was supported by higher volume and lower raw material cost, other expenses.
ACC’s has re-iterated greenfield expansion of 3.7mtpa Ametha plant in Q2 CY22, this will increase its capacity by 10%.
We have factored better volume and lower costs in CY21/22, this has resulted in higher Ebitda by 5%/10% respectively
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