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Results Update / Review

ACC: Standalone results were in line with estimates, with EBITDA of INR4.35b

18-Oct-2012

ACC's standalone results were in line with estimates, with EBITDA of INR4.35b (v/s est INR4.17b) and adjusted PAT grew by 102% YoY (-40% QoQ) to INR2.49b (v/s est INR2.5b). 

Key takeaways:

  • Volumes declined by 5% YoY (-11% QoQ) to 5.4mt (v/s est 5.45mt). Realizations declined by 1.4% QoQ (+20% YoY) to INR4,527/ton (v/s est INR4,411/ton).

  • Net sales improved by 14% YoY (-12% QoQ) to INR24.4b (v/s est INR24b). ACC Concrete's, a 100% subsidiary, revenues fell 12% YoY to INR1.4b (-18% QoQ). Costs were largely in line with estimates, barring higher energy cost. Total cost was up ~5.8% QoQ/9.7% YoY (~INR206/ton QoQ).

  • EBITDA grew by 97% YoY (-33% QoQ) to INR4.35b (v/s est INR4.17b), translating into EBITDA margins of 17.8% (+750bp YoY, -560bp QoQ v/s est 17.3%). EBITDA/ton was INR806 (up INR418/ton YoY but down INR270/ton QoQ) v/s est of INR765/ton.

  • Contrary to media contemplation of ~2% royalty, there has been no levy of royalty by Holcim on ACC.

  • ACC's 100% RMC subsidiary continues to be loss-making, with PBIT loss of INR37.5m (v/s INR77m in 3QCY11 and INR33m in 2QCY12).

  • We raise the EPS estimates for CY12 by 2.6% to INR75.2 and CY13 by 1.7% to INR87.8 to factor the (a) lower volume growth of 3.7% in CY12 (v/s 4% earlier) and 10% for CY13 (unchanged), (b) higher realizations led by price increase of INR26/bag (v/s INR23/bag earlier) in CY12E and INR10/bag (unchanged; ~INR8/bag higher than 3QCY12) in CY13E, and c) higher energy cost.

  • Stock trades at 16.2x CY13E EPS, 8.9x EV/EBITDA and USD142/ton. Neutral with a TP of INR1,436.

 
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