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ACC Q3 CY21: Profitability headwinds on the horizon

Given the strength of the balance sheet and the strong market position, we continue to maintain our positive stance on the business despite the unending concerns surrounding the economy and industry.

October 20, 2021 / 10:20 PM IST
ACC Q3 CY21:  Profitability headwinds on the horizon

ACC’s margins benefitted from higher realisations and supply chain efficiencies, but cost inflation remains a major cause of worry across the entire industry. (Representative image)

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Cement manufacturer ACC reported a decent set of earnings in the third quarter of 2021 on the back of a modest volume growth across its key operating markets. The operational performance surprised positively as margins held firm despite cost headwinds. Quarter result highlights ACC reported revenues of Rs 3,749 crore in Q3 CY21. A revenue growth of 8 percent year-on-year was mainly driven by an improvement in realisations as cement volumes came in largely flat at 6.6 metric tonnes (MT). Operating...

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