ACC share price touched a 52-week high of Rs 1,597.45, adding 2 percent in the early trade on October 20, a day after the cement manufacturer reported a jump in profits in the third quarter.
The company, which follows January-December financial year, posted a consolidated net profit of Rs 363.85 crore, up 20.26 percent year-on-year (YoY) for the September quarter. It reported a profit of Rs 302.56 crore in the corresponding quarter of the previous financial year.
The company posted Q3 revenue at Rs 3,537.3 crore against Rs 3,528.31 crore YoY. “Amidst COVID disruption, volumes of ACC during the quarter witnessed flattish trajectory yoy on the back of strong rural demand. Further, ACC delivered a big beat on EBITDA level (20 percent above estimates) led by a) higher than expected realization/te, b) lower freight costs and c) savings on fixed costs,” said Kunal Shah, Analyst – Institutional Equities at Yes Securities.