July 29, 2016 / 12:48 IST
Religare's research report on ACC
ACC’s Q2CY16 EBITDA/t at Rs 670 came in below estimates (Rs 735) on lower realisation gains of 2% QoQ (RCMLe: +6%), even as it improved Rs 88/t QoQ and Rs 217/t YoY on account of lower power & fuel and freight costs/t. PAT was up 79% YoY to Rs 2.4bn (RCMLe: Rs 2.6bn). The company’s expansion plans are on track with the Jamul clinker and grinding capacity set to commission in Q3. We restate HOLD with a Sep’17 TP of Rs 1,650 (Mar’17 TP: Rs 1,500) and maintain our preference for UTCEM and SRCM over ACC.
We maintain estimates and roll over to a Sep’17 TP of Rs 1,650 (Mar’17 TP: Rs 1,500) set at 11x EV/EBITDA. We maintain our HOLD rating and continue to prefer UTCEM and SRCM due to their stronger operating performance.
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