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ACC: Flat topline for the year 2015 - Views on News from Equitymaster
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ACC: Flat topline for the year 2015
Feb 16, 2016

ACC has announced its financial results for the fourth quarter of the calendar year 2015. During the quarter ended December 2015, while the company's standalone sales increased marginally by 3% YoY, the profit before tax declined by 7.2% YoY respectively. Here is our analysis of the results:

Performance summary

  • On a standalone basis, net sales reported growth of 3% YoY during the quarter driven by modest growth in cement volumes.
  • Operating profit increased by 20.9% YoY; EBITDA margin expanded from 6.5% in 4QCY14 to 7.6% in 4QCY15.
  • Profit before tax decreased by 7.2% YoY during the quarter.

Standalone financial performance snapshot

(Rs m) 4QCY14 4QCY15 Change CY14 CY15 Change
Net sales 27,631 28,461 3.0% 114,811 114,328 -0.4%
Expenditure 25,842 26,300 1.8% 102,310 102,597 0.3%
Operating profit (EBITDA) 1,788 2,162 20.9% 12,501 11,731 -6.2%
EBITDA margin 6.5% 7.6%   10.9% 10.3%  
Other income 1,176 844 -28.2% 5,254 4,834 -8.0%
Depreciation 1,440 1,559 8.3% 5,576 6,521 16.9%
Finance cost 131 154 17.8% 828 673 -18.7%
Profit before tax & exceptional items 1,393 1,292 -7.2% 11,352 9,371 -17.4%
Exceptional gain/ (loss) - -   - (1,532)  
Profit before tax 1,393 1,292 -7.2% 11,352 7,840 -30.9%
Tax (1,843) 267 NA (331) 1,924 NA
Effective tax rate NA 20.6%   NA 24.5%  
Profit after tax 3,236 1,026 -68.3% 11,683 5,916 -49.4%
Net profit margin 11.7% 3.6%   10.2% 5.2%  
No of shares (m) 187.7 187.7   187.7 187.7  
Diluted EPS (Rs)*         31.5  
P/E (times)         39.2  

*trailing twelve month earnings

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