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ACC: In the red

Aug 1, 2000

Associated Cement Companies Limited (ACC) has posted a loss of Rs 95 m in the first quarter ended 30th June 2000. The company has suffered on account of a 5% drop in cement realisations. This has contributed to the decline in OPM.

(Rs m) 1QFY00 1QFY01 Change
Sales 7,011 7,654 9.2%
Other Income 71 93 31.9%
Expenditure 6,328 7,080 11.9%
Operating Profit (EBDIT) 683 573 -16.0%
Operating Profit Margin (%) 9.7% 7.5%  
Interest 401 414 3.2%
Depreciation 273 348 27.4%
Profit before Tax 79 -95  
Tax 9 -  
Profit after Tax/(Loss) 70 (95)  
Net profit margin (%) 1.0% -1.2%  

In volume terms, cement sales increased 13%, faster than the revenue growth of 9%, indicating a sluggishness in realisations. The company has however stated that the effect of this has been marginalized by a decline in costs.

We have projected a loss of Rs 78.3 m and a topline growth of 11% for ACC during FY01. Although the company’s losses have already exceeded our estimates, it is anticipated that in coming quarters the company would be able to minimize these losses. This is already evident from the hardening of cement prices in recent weeks.

The stock currently trades at Rs 108.


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