Q2FY11 Preview by Centrum for ACC,

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ACC (Rating – Sell; Target Price – Rs700)
􀂁 We expect 17.6% YoY decline in sales in Q3CY10 to Rs16, 234mn. Operating profit is expected to
decline 46.9% YoY to Rs3, 546mn. Adjusted PAT is expected to fall 54.6% YoY to Rs1, 978mn.
􀂁 Sales are likely to be affected by the 6.6% YoY volume decline to 4.68mt and 11.7% YoY decline
in realizations to Rs3, 470/tonne. Margins are estimated to decline 12.7pp YoY and 6.2pp QoQ
to 18.4%.