ACC | Q4CY14 Result Update | HOLD rating with PT of Rs 1,556 :: IndiaNivesh

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Highlights:  ACC reported top-line of Rs 28,370 mn in Q4CY14, up 1.8% y/y and 0.8% q/q. Reported top-line numbers reflect (1) 1.5% y/y decrease in dispatch numbers (to 5.76 mnt), and 2) 3.4% y/y increase in avg. blended realization (to Rs 4,925/ tn).  ACC reported EBITDA of Rs 2,570 mn, down 29% y/y, 32.2% q/q. Reported EBITDA contracted by 392 bps y/y to 9.1%  Company reported PAT of Rs 3,298 mn, up 60.2% y/y and 71.2% q/q. This is due to tax credit of Rs 1,843.5 mn. Consequently, Reported PAT margins were at 11.5% (vs. 9.9% in Q4CY13and 6.8% in Q3CY14). Adj. PAT stood at Rs 1,418 mn (-26.3% q/q; -48.6 y/y). Operational Metrics: Q4CY14 Q3CY14 Q4CY13 Q‐o‐Q Y‐o‐Y Dispatches (mn tn) 5.76 5.62 5.85 2.5% ‐1.5% Avg. Blended Realization (Rs/tn) 4,925 5,009 4,763 ‐1.7% 3.4% Conolidated, Source: Company , IndiaNivesh Research Volume Decline and Increase in Realisation led to marginal increase in Sales: ACC reported top-line of Rs 28,370 mn in Q4CY14, up 1.8% y/y and 0.8% q/q. Reported top-line numbers reflect 1) 1.5% y/y decrease in dispatch numbers (to 5.76 mn tn), and 2) 3.4% y/y increase in avg. blended realization (to Rs 4,925/tn). Y-o-Y dispatches reported 1.5% de-growth in Q4CY14, mainly on account of lower demand from Southern and Northern region, however on back of improved outlook in infra and construction sector, cement prices witnessed northward movement.

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