Angel Broking neutral on ACC

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26 Aug, 2025 12:21

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Angel Broking has maintained neutral rating on ACC, in its February 11, 2013 research report.
 
“ACC’s 4QCY2012 net profit fell by 3.8percent yoy to Rs239cr, and the same was below our estimate. Realizations for the company, although higher by 2.0percent on a yoy basis, fell by 3.8percent on a qoq basis.”
 
“ACC posted a 24percent yoy growth in standalone top-line to Rs3,098cr. Adjusted for sales of the ready mix concrete (RMC) segment, which were included in the standalone sales (w.e.f 4QCY2012), the top-line growth for the quarter remained flat. Volume growth remained flat on a yoy basis. Even for CY2012, ACC posted a modest performance with volumes growing by a modest 1.6percent. The overall OPM stood at 12.8percent, down 481bp on a yoy basis, impacted by increase in freight costs and also due to low margins for the RMC business (which got included in standalone business during the quarter). Adjusting for the RMC business, we estimate the OPM for the company to be 14.8percent. The adjusted profit after tax stood at Rs239cr, down 1.3percent (4QCY2011 had tax reversal of Rs228cr) on a yoy basis.”
 
“We expect ACC to register a 13.4percent yoy growth in its top-line over CY2011-13. The bottom-line is expected to post a CAGR of 3percent over the same period. At current levels, the stock is trading at an EV/tonne of US$119 on CY2013E capacity, which we believe is fair. Hence, we continue to remain Neutral on the stock,” says Angel Broking research report.

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