Buy ACC; target of Rs 2460: Prabhudas Lilladher

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Prabhudas Lilladher's research report on ACC

ACC reported Q3CY21 earnings in line with our expectations. EBITDA grew 2.5% YoY to Rs6.17bn (PLe:Rs6.07bn), driven by 1.2%/1.2% growth in volumes and EBITDA/t. ACC continued its strong work on cost front through increased coverage of volumes under Master supply agreement (MSA), reduction in energy consumption and optimisation of logistics network with reduction in lead distance. We expect further cost reduction of Rs115-120/t, largely on account of upcoming waste heat recovery/solar plants and upgradation of plants.

Outlook 

We reiterate our BUY rating with TP of Rs 2,460 based on 12.5x EV/EBITDA of CY22e.

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