ACC reported a standalone loss of Rs 91 crore for the quarterly results announced on October 17. Whereas in the same quarter a year ago, the company had a profit of Rs 449 crore. At the same time, in the June quarter of this year, the company had made a net profit of Rs 222 crore. The company posted net sales of Rs 3,910 crore, registering a growth of 7 per cent as compared to Rs 3,653 crore in the same quarter last year.
The EBITDA of the company stood at Rs 16 crore as against Rs 713 crore in the same quarter last year. This was largely due to the huge increase in fuel cost.
What is the view of brokerages on the stock of the company after the September quarter results:
Morgan Stanley maintains an ‘underweight’ rating on the stock. He has lowered its share target to Rs 1,950 from Rs 2,050 per share. He says that the company’s EBITDA fell sharply. The EBITDA of the company has been well below the estimates.
As reported by CNBC-TV18, the brokerage said, “We have revised our estimates due to weak results. We have retained an underweight call on this as the company continues to report weak growth from its peers.”
“We have maintained a ‘neutral’ call on the stock with a target of Rs 2,375 per share,” the brokerage said. In this, the possibility of getting relief on the cost front is visible after 3 to 4 quarters.
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Jefferies said they put a buy rating on it. He has fixed the target of its stock at Rs 3000 per share. The company reported a loss in the third quarter.
EBITDA declined by 98 percent on a year-on-year basis. This decline has been seen due to massive increase in cost. As reported by CNBC-TV18, Jefferies said, “We have cut FY23 EBITDA estimates by 13 per cent, while retaining FY24 estimates.
Citi maintains a buy rating on the stock. He has fixed its share target at Rs 2900 per share.
Motilal Oswal said that this stock is cheaper than the stock of its counterpart companies. So we have maintained neutral rating on it. On this, the brokerage has set a new target of Rs 2,430 by reducing the earlier target of Rs 2,515.
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