In-line performance; cost pressure to stay… • ACC :: ICICI Securities, PDF link

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In-line performance; cost pressure to stay…
• ACC’s Q3CY14 revenues came in line with our expectations. Sales
grew 9.3% YoY to | 2741.8 crore. Cement sales volumes grew 1.4%
YoY (down 11.5% QoQ) to 5.6 MT. Realisations were up 7.7% YoY
and 3.0% QoQ to | 4878/tonne
• Despite an improvement in topline, margin for the quarter remained
lower than our expectations although they were up 217 bps YoY to
11.2%. According to the company, manufacturing and distribution
costs continued to face escalations. Freight cost per tonne increased
14.7% YoY. Power & fuel was also up 10.6% YoY on per tonne basis
• With a fall in margins, its net profit was lower than our estimates at
| 192.4 crore (vs. I-direct estimate: | 203.8 crore)
• As per the management, the cancellation of four coal blocks by the
Supreme Court will not have any major impact as all blocks were
non-operational


LINK
http://content.icicidirect.com/mailimages/IDirect_ACC_Q3CY14.pdf