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ACC Ltd. | Q4CY12 Result | Numbers below our expectation




IndiaNivesh Securities Pvt Ltd


07 Feb 2013





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ACC Ltd. | Q4CY12 Result Update Numbers below our expectation ACC reported bottom-line slightly above street expectations. However, the reported bottom-line was way below our expectations. ACC reported a top-line of Rs 26.9 bn (vs. street’s expectation of Rs 27.6 bn and our expectation of Rs 29.7 bn). At PAT level, ACC reported a PAT of Rs 2.5 bn (vs. streets expectation of Rs 2.5 bn and our expectation of Rs 2.6 bn). Reported PAT margins of the company were at 9.3% vs. 17.5% in Q4CY11 and 9.5% in Q3CY12. Outlook & Valuation: At CMP of Rs 1,345, ACC is trading at CY13E EV/EBITDA multiple of 10.3x. Alternatively, ACC is trading at CY13E, EV/tonne of ~185. Given the current scenario of fall in the dispatch numbers and minimal scope for further appreciation in the average blendid realizations, and inflationary pressure to continue, we expect the overall profitability of the company to be under pressure in the near term. ACC delivered 9% negative returns in last 3-months, with tough times ahead in the near term we do not expect the stock to get re-rated. Any sharp revival in dispatches coupled with upsurge in blendid realizations would act as risk to our CY13E growth expectations.

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