ACC - Result Review - Angel Broking

ACC's 2QCY2013 results were marginally below expectations on the bottom-line front. The company posted a stand-alone net profit of Rs.259cr for the quarter down 37.9% on yoy basis. The company's top-line rose by 1.4% on yoy basis to Rs.2,795cr, with the volumes increasing by 1.2% on a yoy basis. OPM stood at 17.2% down 725bp on yoy basis. Poor operational performance and lower other income resulted in the steep fall in bottom-line.

We maintain an Accumulate rating on the stock.

Source : Equity Bulls

Keywords