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- Oct 28, 2015 - ACC: Sales flat, profits plummet
ACC: Sales flat, profits plummet
ACC has announced its financial results for the third quarter of the calendar year 2015. During the quarter ended September 2015, while the company's standalone sales reported flat growth, the net profit plummeted 42.9% YoY respectively. Here is our analysis of the results:
Performance summary
- On a standalone basis, net sales reported flat growth during the quarter as cement volumes remained flat.
- Operating profit decreased by 13.8% YoY; EBITDA margin contracted from 11.2% in 3QCY14 to 9.6% in 3QCY15.
- Net profit decreased by 42.9% YoY during the quarter.
Standalone financial performance snapshot
| (Rs m) | 3QCY14 | 3QCY15 | Change | 9MCY14 | 9MCY15 | Change |
|---|---|---|---|---|---|---|
| Net sales | 27,419 | 27,400 | -0.1% | 87,180 | 85,867 | -1.5% |
| Expenditure | 24,359 | 24,762 | 1.7% | 76,467 | 76,297 | -0.2% |
| Operating profit (EBITDA) | 3,060 | 2,638 | -13.8% | 10,713 | 9,569 | -10.7% |
| EBITDA margin | 11.2% | 9.6% | 12.3% | 11.1% | ||
| Other income | 1,214 | 678 | -44.2% | 4,079 | 3,990 | -2.2% |
| Depreciation | 1,393 | 1,607 | 15.3% | 4,136 | 4,962 | 20.0% |
| Finance cost | 157 | 150 | -4.6% | 697 | 519 | -25.5% |
| Profit before tax & exceptional items | 2,723 | 1,559 | -42.8% | 9,959 | 8,079 | -18.9% |
| Exceptional gain/ (loss) | - | - | - | (1,532) | ||
| Profit before tax | 2,723 | 1,559 | -42.8% | 9,959 | 6,547 | -34.3% |
| Tax | 674 | 389 | -42.4% | 1,513 | 1,657 | 9.6% |
| Effective tax rate | 24.8% | 24.9% | 15.2% | 25.3% | ||
| Profit after tax | 2,049 | 1,170 | -42.9% | 8,447 | 4,890 | -42.1% |
| Net profit margin | 7.5% | 4.3% | 9.7% | 5.7% | ||
| No of shares (m) | 187.7 | 187.7 | 187.7 | 187.7 | ||
| Diluted EPS (Rs)* | 43.3 | |||||
| P/E (times) | 31.9 |
*trailing twelve month earnings
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