External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Expansion update and outlook: ACC expects to commission 2.7/1.0mn MT clinker/cement capacity by Q2CY22 and the remaining 2.6mn MT SGUs in UP by the end of CY22. These will drive volume CY23 onwards. Factoring in the robust cost control initiatives, we upgrade our consolidated EBITDA estimates for CY22/23/24E by 11/7/7% respectively. With increased visibility on its upcoming expansion and steady cost reduction-led margin improvement, we upgrade our valuation multiple to 12x its Jun'23E consolidated EBITDA (from 11x earlier).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Expansion update and outlook: ACC expects to commission 2.7/1.0mn MT clinker/cement capacity by Q2CY22 and the remaining 2.6mn MT SGUs in UP by the end of CY22. These will drive volume CY23 onwards. Factoring in the robust cost control initiatives, we upgrade our consolidated EBITDA estimates for CY22/23/24E by 11/7/7% respectively. With increased visibility on its upcoming expansion and steady cost reduction-led margin improvement, we upgrade our valuation multiple to 12x its Jun'23E consolidated EBITDA (from 11x earlier).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC (Results Review 2QCY21): Unitary EBITDA at 12-year high on cost controls. Maintain BUY

ACC Ltd

ACC (Results Review 2QCY21): Unitary EBITDA at 12-year high on cost controls. Maintain BUY