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  • 25 Apr 2025
  • ICICIdirect Research

ACC REVENUE WAS UP BY 11.3% YOY

ACC - 1930 Change: 1.60 (0.08 %)

News: Revenue was up by 11.3% YoY to Rs 6008.5 crore led by 14.4% YoY growth in sales volume (11.9 mtpa) supported by higher trade volume. Blended realisation remained down 2.7% YoY. Sequentially, revenue was up 14.2% (after adjusting Rs 636 crore of excise duty refund in Q3FY25), led by 11.2% QoQ volume growth with 2.7% QoQ improvement in blended realisation. Total cost/ton remained flattish YoY (-2.2% QoQ), mainly due to lower energy cost and positive operating leverage. EBITDA/ton stood at Rs 673/ton (-16.4% YoY, +52.3% QoQ). Subsequently, EBITDA was down 4.4% YoY (+69.4% QoQ) to Rs 800 crores. PAT declined by 1.8% YoY to Rs 735.4 crore. For FY25, revenue increased by 5.4% YoY, as volume growth of 14.4% YoY was partially offset by 7.9% YoY decline in realization. FY25 EBITDA/ton stands at Rs 565/ton (-32% YoY), as lower realizations negated the impact of lower costs

View: Volume growth remained strong at ~14% YoY in FY25, mainly led by increase in share of volumes under MSA (master supply agreement) with Parent company Ambuja and sister concerns (Sanghi & Penna). Overall profitability has improved QoQ on account of improvement in realization and lower costs. Going ahead, we believe that company’s operational performance would further improve over FY26E-27E, driven by healthy volume growth (led by pick-up in demand, capacity expansion of 4 mtpa by FY26E and master supply agreement with group companies), improvement in realizations and continuous focus on operational efficiencies (in terms of logistics and power & fuel)

Impact: Positive