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Analyst Research Report Snapshot


Finquest Sec. - ACC - Result Update Q1CY13 - May 13, 2013




Finquest Securities Pvt Ltd


13 May 2013





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Volumes fall considerably but tax write-back helps the bottom-line Maintain 'Sell' on ACC; retain our target price of Rs 1210 Holcim group ACC posted flat set of numbers during Q1CY13 as the cement volumes fell while higher operating costs impacted the margins. The net profit though rose sharply due to lower effective tax during Q1CY13 and higher extraordinary expenses due to change in depreciation in Q1CY12. Despite being the peak season for the cement industry most of the cement manufacturers have reported lower dispatch numbers during the quarter under review implying that the cement demand from the user industry continues to remain weak. So these are worrying signs for the industry in general and so if the situation persists for some more months, we may begin to witness sharp fall in cement realizations in the quarters ahead.

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