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Associated Cement Companies
As good as it can get
1Q CY11 beats expectations led by cost surprise
ACC reported 1Q CY11 EBITDA at Rs5.6bn, up 172% QoQ. Results were better
than our expectations primarily due to strong cost savings. Operating cost per ton
fell 5% QoQ (down ~Rs8 per bag) versus our expectation of flat costs. Cement
prices for ACC were up as expected by ~Rs19/bag largely in line with the
increase for Ambuja. Volumes also grew ~10% YoY & QoQ. ACC’s EBITDA per
ton improved to ~Rs906/ton vs Rs365/ton in 4Q CY10.
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Associated Cement Companies
As good as it can get
1Q CY11 beats expectations led by cost surprise
ACC reported 1Q CY11 EBITDA at Rs5.6bn, up 172% QoQ. Results were better
than our expectations primarily due to strong cost savings. Operating cost per ton
fell 5% QoQ (down ~Rs8 per bag) versus our expectation of flat costs. Cement
prices for ACC were up as expected by ~Rs19/bag largely in line with the
increase for Ambuja. Volumes also grew ~10% YoY & QoQ. ACC’s EBITDA per
ton improved to ~Rs906/ton vs Rs365/ton in 4Q CY10.