External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>ACC Limited- a part of Adani Cement is one of India’s leading producers of cement and ready-mix concrete. It is a member of the Adani Group - which has the largest and fastest-growing portfolio of diversified sustainable businesses.</li><li>ACC has 18 cement manufacturing sites, over 80 RMC plants and a nationwide network of channel partners to serve its customers.</li><li>Established in 1936, ACC is counted among the country’s 'Most Sustainable Companies' and is recognized for its best practices in environment management and corporate citizenship.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC Limited- a part of Adani Cement is one of India’s leading producers of cement and ready-mix concrete. It is a member of the Adani Group - which has the largest and fastest-growing portfolio of diversified sustainable businesses.ACC has 18 cement manufacturing sites, over 80 RMC plants and a nationwide network of channel partners to serve its customers.Established in 1936, ACC is counted among the country’s 'Most Sustainable Companies' and is recognized for its best practices in environment management and corporate citizenship.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week - ACC Ltd - 08 January 2024

<ul><li>ACC reported Revenue/Volume growth of 18%/11%oY (above expectations), driven by better demand.</li><li>The company recorded an EBITDA Margin of 12.4% against 0.4% YoY (below estimates), primarily owing to the lower fuel cost on a YoY basis.</li><li>On a QoQ basis, the EBITDA margin declined owing to an increase in RM costs, higher purchase of stockin-trade, and lower realization. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC reported Revenue/Volume growth of 18%/11%oY (above expectations), driven by better demand.The company recorded an EBITDA Margin of 12.4% against 0.4% YoY (below estimates), primarily owing to the lower fuel cost on a YoY basis.On a QoQ basis, the EBITDA margin declined owing to an increase in RM costs, higher purchase of stockin-trade, and lower realization. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.</li><li>The company recorded an EBITDA Margin of 14.8% against 9.5% YoY (above estimates), primarily owing to the lower fuel cost on a YoY basis.</li><li>The volume for the quarter stood at 9.4 Mn tonnes per annum (mntpa), up 24% YoY and up 11% QoQ (above expectations). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.The company recorded an EBITDA Margin of 14.8% against 9.5% YoY (above estimates), primarily owing to the lower fuel cost on a YoY basis.The volume for the quarter stood at 9.4 Mn tonnes per annum (mntpa), up 24% YoY and up 11% QoQ (above expectations). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC Limited - Beat On All Fronts; Maintain BUY

<ul><li>ACC reported Revenue/Volume growth of 8%/10%YoY (above expectations).</li><li>EBITDA/APAT degrew by 26%/46% YoY respectively due to higher costs and exceptional items during the quarter.</li><li>However, on a QoQ basis,, the company reported better financial performance driven by higher volumes and with cost optimization measures undertaken, the company enjoyed operating leverage benefits.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC reported Revenue/Volume growth of 8%/10%YoY (above expectations).EBITDA/APAT degrew by 26%/46% YoY respectively due to higher costs and exceptional items during the quarter.However, on a QoQ basis,, the company reported better financial performance driven by higher volumes and with cost optimization measures undertaken, the company enjoyed operating leverage benefits.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC Limited - Robust Demand Outlook; Better Synergies To Drive Growth

<ul><li>The synergies with group to drive further cost optimization which should see further improvement in margins.</li><li>Business initiatives are expected to further bring down operating cost, reduce clinker factor, reduce logistics cost, improve sale of blended cement and expand EBITDA margin.</li><li>We see EBITDA margins of the company to improve from current 9.5% to 15.5% in FY25E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The synergies with group to drive further cost optimization which should see further improvement in margins.Business initiatives are expected to further bring down operating cost, reduce clinker factor, reduce logistics cost, improve sale of blended cement and expand EBITDA margin.We see EBITDA margins of the company to improve from current 9.5% to 15.5% in FY25E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ACC Limited - Better Synergies To Drive Growth. Maintain BUY

India

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IN)

Pick of the Week - ACC Ltd - 08 January 2024

Established in 1936, ACC is counted among the country’s 'Most Sustainable Companies' and is recognized for its best practices in environment...

Axis Direct

ACC Limited - Robust Volume Growth

The company recorded an EBITDA Margin of 12.4% against 0.4% YoY (below estimates), primarily owing to the lower fuel cost on a YoY basis.

Axis Direct

ACC Limited - Beat On All Fronts; Maintain BUY

ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.

Axis Direct

ACC Limited - Robust Demand Outlook; Better Synergies To Drive Growth

ACC reported Revenue/Volume growth of 8%/10%YoY (above expectations). EBITDA/APAT degrew by 26%/46% YoY respectively due to higher costs and...

Axis Direct

ACC Limited - Better Synergies To Drive Growth. Maintain BUY

Business initiatives are expected to further bring down operating cost, reduce clinker factor, reduce logistics cost, improve sale of blended...

Axis Direct

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