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ACC Ltd.’s Q2 CY21 result surprised positively on strong cost control.
Moreover, coupled with a better pricing environment, thisled to Ebitda/tonne of Rs 1,279 – the highest since CY10 – despite higher energy costs.
ACC’s Central India expansion should be commissioned in H2 CY22, potentially driving a 9% volume compound annual growth rate over CY21–23E.
We expect costs to remain in check, supported by a master supply agreement with Ambuja Cement Ltd. as well as supply chain efficiencies.
We raise our CY21/CY22 earnings per share estimate by 10%/8%,factoring in a better realisation outlook.
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