ACC

₹2001.1 -17.5 | 0.9%

WEBSITE BSE:500410 NSE : ACC LTD 28 Sep, 15:45

Market Cap ₹37639 Cr.

Stock P/E 51.7

P/B 2.6

Current Price ₹2001.1

Book Value ₹ 777.6

Face Value 10

52W High ₹2674.5

Dividend Yield 0.46%

52W Low ₹ 1592.6

Edit Ratio

ACC Research see more...

Equity Research Report: ACC

Overview Inc. Year: 1936Industry: Cement & Construction Materials

ACC Limited manufactures and sells cement and prepared-blend concrete in India. The employer affords regular Portland cement; mixed cement, which include Portland Pozzolana cement, Portland slag cement, and composite cement; gold and silver variety of cement; equipped blended concrete value-delivered products; and bulk cement. It also offers production chemicals, inclusive of ACC LeakBlock, a polymer-based imperative waterproofing compound used in various kinds of cement mortar, plasters, and concrete; ACC LeakBlock WaterProof Plaster - LB 101, a equipped-to-use cementitious waterproof mortar for inner and external plaster packages; and tile adhesives. In addition, the organisation affords EcoPact, a concrete with lower embodied carbon content material for diverse structural additives programs comprising foundations, columns, beams, outside or inner partitions, driveways, walkways, and many others. It distributes its products via a network of dealers, retailers, engineers, and architects. The company was previously called The Associated Cement Companies Limited and changed its name to ACC Limited in September 2006. ACC Limited was established in 1936 and in Mumbai, India. ACC Ltd is a subsidiary of Ambuja Cements Ltd.

ACC Share Price

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Peer Comparison

ACC Quarterly Results

#(Fig in Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	4292	3885	3749	4226	4427	4468	3987	4537	4791	5201
Other Income	44	46	63	54	58	54	70	41	119	77
Total Income	4336	3930	3812	4280	4485	4522	4057	4578	4910	5278
Total Expenditure	3432	3016	3037	3670	3792	4042	3971	4158	4322	4430
Operating Profit	904	915	776	610	693	480	86	420	588	848
Interest	11	13	17	13	11	15	18	19	15	25
Depreciation	143	146	151	160	154	165	173	173	177	200
Exceptional Income / Expenses	0	0	0	-55	0	0	-16	-79	-66	0
Profit Before Tax	750	755	608	382	529	301	-121	149	329	623
Provision for Tax	192	189	160	103	136	78	-31	39	96	159
Profit After Tax	558	566	448	279	393	223	-90	110	234	463
Adjustments	4	3	2	2	4	4	3	3	2	3
Profit After Adjustments	563	569	450	281	396	227	-87	113	236	466
Adjusted Earnings Per Share	29.9	30.3	23.9	14.9	21.1	12.1	-4.6	6	12.5	24.8

ACC Profit & Loss

#(Fig in Cr.)	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023	TTM
Net Sales	11358	11150	11739	11797	10990	13285	14802	15658	13786	16152	22210	18516
Other Income	338	281	257	120	123	129	143	318	217	218	342	307
Total Income	11696	11431	11995	11917	11113	13414	14944	15976	14003	16369	22552	18823
Total Expenditure	9162	9520	10226	10260	9511	11373	12754	13245	11431	13164	20285	16881
Operating Profit	2535	1911	1770	1657	1601	2041	2191	2731	2572	3205	2267	1942
Interest	189	114	83	65	79	99	88	86	57	55	77	77
Depreciation	569	584	568	663	609	644	603	606	639	601	841	723
Exceptional Income / Expenses	-335	0	0	-164	-39	0	0	0	-176	-55	-162	-161
Profit Before Tax	1441	1214	1120	766	885	1310	1510	2053	1709	2506	1203	980
Provision for Tax	391	132	-31	190	227	386	-11	675	279	643	317	263
Profit After Tax	1050	1082	1151	576	658	925	1521	1378	1430	1863	885	717
Adjustments	9	13	11	12	-0	-0	-0	-0	-0	-0	-0	11
Profit After Adjustments	1059	1095	1162	588	658	924	1520	1377	1430	1863	885	728
Adjusted Earnings Per Share	56.4	58.3	61.9	31.3	35.1	49.2	81	73.3	76.2	99.2	47.1	38.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	38%	12%	11%	7%
Operating Profit CAGR	-29%	-6%	2%	-1%
PAT CAGR	-52%	-14%	-1%	-2%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-15%	13%	5%	6%
ROE Average	6%	11%	12%	12%
ROCE Average	9%	14%	16%	15%

ACC Balance Sheet

#(Fig in Cr.)	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023
Shareholder's Funds	7372	7813	8218	8421	8813	9356	10532	11544	12699	14309	14138
Minority's Interest	3	3	3	3	3	3	3	3	3	3	3
Borrowings	85	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	996	619	657	590	598	694	815	891	694	721	761
Total Current Liabilities	3472	3666	3804	3786	3980	4793	4706	4698	4804	6006	5641
Total Liabilities	11928	12101	12682	12800	13394	14846	16056	17136	18200	21039	20544
Fixed Assets	5931	5570	5666	5331	7568	7280	7088	7027	6694	6750	7512
Other Non-Current Assets	1151	2114	3337	4066	1721	1911	2283	2575	3057	3921	4777
Total Current Assets	4846	4417	3678	3404	4093	5642	6673	7524	8446	10366	8253
Total Assets	11928	12101	12682	12800	13394	14846	16056	17136	18200	21039	20544

ACC Cash Flow

#(Fig in Cr.)	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023
Opening Cash & Cash Equivalents	2953	3156	2523	1581	1383	1810	2560	2933	4493	5849	7367
Cash Flow from Operating Activities	1577	1063	1352	1457	1390	1554	1118	2255	2219	2835	-1235
Cash Flow from Investing Activities	-308	-862	-1457	-904	-535	-380	-364	-322	-535	-988	-4637
Cash Flow from Financing Activities	-1066	-834	-837	-716	-430	-426	-380	-374	-327	-331	-1238
Net Cash Inflow / Outflow	203	-633	-942	-164	425	749	373	1559	1357	1517	-7110
Closing Cash & Cash Equivalent	3156	2523	1581	1418	1810	2560	2933	4493	5849	7367	257

ACC Ratios

#	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023
Earnings Per Share (Rs)	56.42	58.3	61.88	31.3	35.05	49.23	80.97	73.35	76.16	99.21	47.13
CEPS(Rs)	86.22	88.71	91.52	65.95	67.5	83.5	113.1	105.65	110.18	131.2	91.94
DPS(Rs)	30	30	34	17	17	26	14	14	14	58	9.25
Book NAV/Share(Rs)	392.66	416.15	437.68	448.52	469.31	498.2	560.82	614.71	676.23	761.95	752.88
Core EBITDA Margin(%)	17.38	13.07	11.54	11.61	11.81	13.47	12.65	13.7	15.13	16.09	7.7
EBIT Margin(%)	12.9	10.64	9.17	6.27	7.7	9.92	9.87	12.15	11.35	13.8	5.12
Pre Tax Margin(%)	11.4	9.73	8.54	5.78	7.07	9.23	9.33	11.66	10.98	13.5	4.81
PAT Margin (%)	8.31	8.67	8.78	4.35	5.26	6.51	9.39	7.82	9.19	10.04	3.54
Cash Profit Margin (%)	12.81	13.35	13.11	9.35	10.12	11.04	13.12	11.27	13.3	13.27	6.91
ROA(%)	8.8	9	9.29	4.52	5.03	6.55	9.84	8.3	8.1	9.5	4.26
ROE(%)	14.63	14.25	14.36	6.92	7.64	10.18	15.29	12.48	11.8	13.8	6.22
ROCE(%)	21.7	17.25	14.97	9.98	11.19	15.51	16.07	19.38	14.57	18.96	9
Receivable days	8.21	10.24	11.25	12.34	14.83	15.41	17.28	15.49	12.64	8.98	9.73
Inventory Days	32.45	33.02	33.12	33.71	35.18	33.79	34.76	29.25	23.96	21.38	21.17
Payable days	148.13	133.87	130.05	161.56	243.51	286.08	292.97	228.5	210.53	213.65	114.11
PER(x)	25.34	19.01	22.61	43.44	37.9	35.71	18.59	19.7	21.25	22.35	35.36
Price/Book(x)	3.64	2.66	3.2	3.03	2.83	3.53	2.68	2.35	2.39	2.91	2.21
Dividend Yield(%)	2.1	2.71	2.43	1.25	1.28	1.48	0.93	0.97	0.87	2.62	0.55
EV/Net Sales(x)	2.32	1.82	2.21	2.16	2.09	2.28	1.7	1.44	1.77	2.11	1.39
EV/Core EBITDA(x)	10.38	10.64	14.67	15.35	14.34	14.84	11.49	8.23	9.48	10.65	13.62
Net Sales Growth(%)	10.95	-1.83	5.28	0.5	-6.84	20.89	11.41	5.78	-11.95	17.16	37.51
EBIT Growth(%)	1.75	-18.59	-9.41	-30.95	16.12	46.12	13.44	33.85	-17.43	45.02	-50.02
PAT Growth(%)	-18.6	3.03	6.37	-49.98	14.4	40.41	64.48	-9.41	3.83	30.26	-52.49
EPS Growth(%)	-18.57	3.34	6.13	-49.42	12.01	40.43	64.48	-9.41	3.83	30.26	-52.49
Debt/Equity(x)	0.02	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	1.4	1.2	0.97	0.9	1.03	1.18	1.42	1.6	1.76	1.73	1.46
Quick Ratio(x)	1.07	0.9	0.64	0.58	0.72	0.88	1.06	1.36	1.57	1.51	1.18
Interest Cover(x)	8.61	11.69	14.53	12.84	12.25	14.3	18.21	24.79	30.94	46.89	16.56
Total Debt/Mcap(x)	0.01	0	0	0	0	0	0	0	0	0	0

ACC Shareholding Pattern

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	54.53	54.53	54.53	54.53	54.53	54.53	56.68	56.69	56.69	56.69
FII	12.64	13.57	13.59	13.76	12.75	12.11	11.42	11.95	10.06	9.98
DII	20.43	19.58	19.54	19.41	20.14	20.82	19.11	18.81	19.68	19.53
Public	12.4	12.33	12.35	12.3	12.58	12.54	12.78	12.55	13.57	13.81
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	10.24	10.24	10.24	10.24	10.24	10.24	10.64	10.65	10.65	10.65
FII	2.37	2.55	2.55	2.58	2.39	2.27	2.15	2.24	1.89	1.87
DII	3.84	3.68	3.67	3.65	3.78	3.91	3.59	3.53	3.7	3.67
Public	2.33	2.31	2.32	2.31	2.36	2.36	2.4	2.36	2.55	2.59
Others	0	0	0	0	0	0	0	0	0	0
Total	18.78	18.78	18.78	18.78	18.78	18.78	18.78	18.78	18.78	18.78

Pros

Debtor days have improved from 213.65 to 114.11days.
Company is almost debt free.

Cons

Company has a low return on equity of 11% over the last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.