Motilal Oswal 's research report on ACC
ACC’s 3QCY20 result highlights the strong rebound in cement volumes and the benefits of fixed-cost reduction. EBITDA grew 21% YoY, with EBITDA/t of INR1,033/t – the highest reported in the last 10 years in the seasonally weak 3Q.
Outlook
We raise our CY20/CY21 EBITDA estimates by 5%/9% and introduce CY22 estimates. Reiterate Buy, with raised TP of INR1,805.
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