ACC’s Q4FY24 EBITDA grew 79% YoY (down 8% QoQ) to Rs8.4bn, which was
~4% higher than our estimate. On a sequential basis, EBITDA/t declined by
Rs215 to Rs802 (Emkay: Rs820), mainly on account of weak blended
realizations that fell by Rs341/t in Q4FY24.

ACC Ltd. has an average target of 2261.86 from 7 brokers.

ACC Ltd.

25 Apr 2024

1870.10

-0.82%

Performance in line; volume surprised positively

Neutral: ACC Ltd.

Target

Motilal Oswal

ACC’s 4QFY24 EBITDA grew ~80% YoY to INR8.4b (+3% vs. our estimate). Its
EBITDA/t grew 45% YoY to INR802 (-6% vs. estimate), due to lower-thanestimated realization. Realization was down ~9%/7% YoY/QoQ to INR5,171
(-4% vs. estimate). OPM was up 5.8pp YoY to 15.5% (est. ~16%). Adj. PAT
stood at INR4.9b (+72% YoY; 4% above our estimates).

ACC Ltd. has an average target of 2261.86 from 7 brokers.

ACC Ltd.

04 Apr 2024

1870.10

-0.82%

ACC

Buy: ACC Ltd.

Target

ICICI Direct

ACC Ltd. is trading below its 100 day SMA of 1872.3

ACC Ltd.

05 Feb 2024

1870.10

-0.82%

First Light | Godrej Consumer Products, Jindal Steel & Power, ACC, Bonds Wrap, Currency Outlook, V-Guard Industries, Orient Electric, Somany Ceramics, Greenply Industries, Shree Cement

Hold: ACC Ltd.

BOB Capital Markets Ltd.

GCPL: Consistent volume growth; cut to HOLD post rally. JSP: Valuations overdone; downgrade to HOLD. ACC: Strong margins; cut to HOLD on full valuations. Bonds Wrap: Fortnightly review. Currency Outlook: Fortnightly forex review. VGRD: In-line quarter. ORIENTEL: Slow quarter; Hyderabad plant to spur growth. SOMC: Lacklustre demand dulls performance. MTLM: Strong performance on fast ramp-up of MDF plant. SRCM: Healthy quarter, expensive valuations