ACC |Q3CY14 Result Update | Growth in both Despatches and Blended realisation-:: IndiaNivesh

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ACC Net revenue for Q3CY14 increased y-o-y by 9.7% and declined 8% q-o-q to Rs
28.15 bn (vs our estimate of Rs 27.32 bn). On Y-o-Y basis company reported higher
sales on back of increase in despatch and realisation by 1.4% and 7.9% respectively.
Inspite of 8% q-o-q decline in net revenue, total power/fuel cost and other expnses
has remained flat on q-o-q basis, which has dragged the EBITDA margin by 131
bps q-o-q to 13.5% (vs our estimate of 12.4%). EBITDA for the quarter declined by
16.2% q-o-q to Rs 3,791 mn (vs our estimate of Rs 3,379 mn). On account of lower
EBITDA for the quarter and q-o-q marginal increase in interest cost to Rs ~115mn,
net profit for Q3CY14 declined q-o-q by 20.8% to Rs 1,926 mn (vs our estimate of
Rs 1,735 mn).

Healthy revenue growth on back of 7.9% increase in blended realisation:
ACC blended realisation increased by 7.9% y-o-y to Rs 4,879, which is highest in last
five quarters. Despatches also shown a decent growth of 1.4% compared to last
quarter growth of 3.8%. Total despatch volume for the quarter stood at 5.62 mnt.
Refecting growth in both dispatches and blended realisation, net sales (excluding
other operating income) for Q3CY14 increased by 9.4% to Rs 27.42 bn

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