ACC shares gain after four-fold rise in Q3 net profit

In Q3FY24, ACC reported a 8.31 percent increase in revenue to Rs 4,914.36 crore.

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Shares of ACC gained nearly 2 percent in early trades on the NSE on January 29 after announcing its Q3FY24 earnings om January 25. At 9:40 am, the stock was trading slightly lower at Rs 2,477.

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In its Q3FY24 earnings, ACC reported a 375.10 percent rise in consolidated net profit for the quarter ending December 2023 to Rs 537.63 crore. Revenue for the same period also grew 8.31 percent at Rs 4,914.36 crore.

Motilal Oswal analysts have maintained a neutral call on the stock with a revised target price of Rs 2,550 (previously Rs 2,300). “ACC surprised positively by reporting robust volume growth and improvement in profitability, led by cost-efficient initiatives. It commissioned both clinker as well as cement capacity at its greenfield integrated cement plant in Ametha, Madhya Pradesh, in 3QFY24, will aid volume growth for the
company going forward,” the report said.

According to the analysts, sustainability of the current cost structure and clarity on further expansion plans can lead to rerating in valuation and multiples.

Also read: ACC Q3 results: Net profit jumps nearly five-fold to Rs 538 crore

Morgan Stanley has an ‘equal-weight’ call on the stock with a  target price of Rs 2,400. According to the report, strong volumes and good cost drove the EBITDA. Additionally, while realisations were weaker, overall operating expenditure was above estimates.

According to the management, cement demand is expected to grow at 7-8 percent YoY, mainly led by investment in infrastructure and housing projects.

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