HDFC Securities has given Buy recommendation for ACC with a target price of Rs. 1985 in its research report issued on Feb 13, 2021
HDFC Securities’ research report on ACC
During 4QCY20, strong pricing in south and stable opex drove ACC’s consolidated revenue/EBITDA/APAT by 2/30/65% YoY to INR 41.4/7.0/4.5 bn respectively. ACC commissioned its 1.4mn MT Sindri grinding unit in Jan’21 and expects to commission the greenfield plants (4.8mn MT) in central region by mid-2022, thus boosting its volume growth outlook.
Outlook
We maintain BUY rating on the stock with a revised TP of INR 1,985/share (10x Dec’22 Consolidated EBITDA).