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Acc Annual Report
Acc Annual Report
CMP : 2464.65
Financial statement : Consolidated 1,53,165 Projected BVPS (FY24)
Target P/BVPS
PEER COMPARISON : 1) UltraTech Cement Ltd Target Price
2) Ambuja Cements Ltd Current Market Price
3) Shree Cement Ltd Potential Upside
4) Dalmia Bharat Ltd
5) A Infrastructure Ltd Rating
6) Andhra Cement Ltd
7) Anjani Portland Cement Ltd
8) Visaka Industries Ltd
137.7759 Ratio Analysis
20.2 Resarch Report
2783.073 9FY24 EPS X Target P/E)
2464.65
0.129196
845.2311
3
2535.693
Buy
Consolidated Profit & Loss
Particulars FY24E FY23E CY22 CY21 CY20 CY19
INCOME
operations income 18,812.81 20,903.12 17,419.27 16,151.67 13,785.98 15,657.55
add-Other Income 400.932 267.288 222.74 206.71 216.74 318.43
total operating other income 19,213.74 21,170.41 17,642.01 16,358.38 14,002.72 15,975.98
YOY -10% 20% 8% 17% -12%
Particulars FY24E FY23E CY22 CY21 CY20 CY19
Expenses
a) Cost of materials consumed 2512.1088 3140.136 2,616.78 2,119.57 1,673.21 2,256.39
b) Purchases of Stock-in-trade 1544.8128 1931.016 1,609.18 921.19 696.89 361.69
c) Changes in inventories of finished goods, work-in-
-336 -420 -350 -174.25 142.41 100.81
progress and stock-in-trade
d) Employee benefits expense 791.184 988.98 824.15 836.16 841.21 866.11
e) Power and Fuel 4608.1056 5760.132 4,800.11 3,364.77 2,574.65 3,134.01
f) Freight and Forwarding expense 3946.0704 4932.588 4,110.49 3,822.99 3,416.09 4,032.09
g) Finance costs 59.5584 74.448 62.04 54.62 57.08 86.27
h) Depreciation and amortisation expense 637.9872 797.484 664.57 600.68 638.84 606.44
i) Other expenses 2258.064 2822.58 2,352.15 2,287.61 2,087.43 2,495.99
total operating expenses 16,021.89 20,027.36 16,689.47 13,833.34 12,127.81 13,939.80
add-Captive consumption of cement 0 0 0 -24.45 -1.02 -2.32
Total Expenses 16,021.89 20,027.36 16,689.47 13,808.89 12,126.79 13,937.48
(EBITDA-Depreciation)
(EBIT/operation income)
(EBIT ofCY/EBIT of PY)-1
(PBT-tax expense)
(PAT/operations income)
(PAT ofCY/PAT of PY)-1
Consolidated Balance Statements
Particulars FY24E FY23E CY22 CY21 CY20
ASSETS
Non-current assets
a) Property, Plant and Equipment 7,140.30 7,140.30 7,140.30 6,541.42 6,508.38
b) Capital work-in-progress 1677.34 1677.34 1677.34 1,245.04 548.11
c) Other Intangible assets 58.42 58.42 58.42 49.95 45.98
d) Right of use assets 156.84 156.84 156.84 154.61 129.89
e) Goodwill on consolidation 3.77 3.77 3.77 3.77 10.19
f) Investments in associates and joint ventures 142.83 142.83 142.83 131.15 121.07
g) Financial Assets
(i) Investments 18.4 18.4 18.4 18.4 8.2
(ii) Loans 8.99 8.99 8.99 10.02 11.51
(iii) Other financial assets 951.62 951.62 951.62 915.78 770.05
h) Non-current Tax Assets (Net) 1064.14 1064.14 1064.14 1,004.15 944.06
i) Other non-current assets 771.2 771.2 771.2 595.17 654.16
Total Non-current assets 11,993.85 11,993.85 11,993.85 10,669.46 9,751.60
10% 16%
Particulars FY24E FY23E CY22 CY21 CY20
Current assets
a) Inventories 2235.526 2032.2968 1751.98 1,273.91 901.27
b) Financial assets
(i) Trade receivables 983.9236 894.476 771.1 457.22 451.41
(ii) Cash and Cash Equivalents 3616.822 3288.02 2834.5 7,366.59 5,849.36
(iii) Bank balances other than Cash and Cash Equivalents 202.3864 183.9876 158.61 157.12 156.34
(iv) Loans 7.80912 7.0992 6.12 6.6 5.86
(v) Other financial assets 442.6954 402.4504 346.94 291.92 319.46
c) Current Tax Assets (Net) 0 0 - 71.26
d) Other current assets 2838.628 2580.5708 2224.63 813.69 690.76
e) Non-current assets classified as held for sale 2.71788 2.4708 2.13 2.33 2.91
Total Current assets 10,330.51 9,391.37 8,096.01 10,369.38 8,448.63
TOTAL – ASSETS 22,324.36 21,385.22 20,089.86 21,038.84 18,200.23
Face Value 10 10 10 10 10
Number of share 18.799 18.799 18.799 18.799 18.799
Networth 15,889.50 14,889.50 13,889.50 14,312.18 12,702.37
Dividend paid 262.9 262.9 262.9 262.9 262.9
Retained earning 2,327.15 433.18 386.65 1,600.20 1,167.36
market price 1997 1767 2,151.75 1,902.55 967.5
CY19
6,976.89
445.67
34.27
-
15.57
112.48
3.7
143.76
609.86
859.76
399.45
9,601.41 (total of non current)
CY19
1,141.93
626.65
4,492.53
155.2
29.02
270.38
-
808.39
10.47
7,534.57 (total of current asset)
17,135.98 (total of non current assets+total of current assets)
CY19
187.99
11,355.78
11,543.77 (total of equity)
3.16
11,546.93 (total of equity attributable+non controlling interest)
CY19
0
235.1
655.72
890.82 (total of non current liabilities)
CY19
11.27
1,463.71
-
937.5
1,919.39
23.39
342.97
4698.23 (total of current liabilities)
5589.05 (totalof non current+current)
17,135.98 (total ofequity+total of all liabilities)
10
18.799
11,546.93
262.9
1,114.64
1,661.00
Particulars FY24E FY23E CY22 CY21 CY20 CY19
Per Share data
Earning per share (EPS) 137.8 37.0 34.6 99.1 76.1 73.3
Book Value Per Share (BVPS) 845.2 792.0 738.8 761.3 675.7 614.2
Cash Earning per share (C-EPS) 171.7 79.4 69.9 131.1 110.1 105.5
Cash Per share (CPS) 203.2 184.7 159.2 400.2 319.5 247.2
Dividend per share(DPS) 13.98 13.98 13.98 13.98 13.98 13.98
sale per share (SPS) 1000.73 1111.93 926.61 859.18 733.34 832.89
Divident payout ratio 10% 38% 40% 14% 18% 19%
Retention Ratio 90% 62% 60% 86% 82% 81%
Dividend Yield 0.70% 0.79% 0.65% 0.74% 1.45% 0.84%
Return on Equity(RoE) 16% 5% 5% 13% 11% 12%
Return on Capital Employed(RoCE) 17% 6% 5% 16% 13% 15%
debtors/sales*360
inventory/total operating expenses*360
creditors/total raw material expenditure*360
Shareholding Pattern
Promoter 56.70%
FII 12.00%
DII 18.80%
Others
Public 12.60% Public
0%
12%
Others 0.00%
DII
19%
Promoter
57%
FII
12%