ACC (ACC) Q3 24/25 earnings summary

Executive summary

• Achieved consolidated Q3 FY25 revenue of INR 9,329 crore, with 16.7% volume growth year-over-year, including contributions from recent acquisitions (Sanghi, Penna, Asian, Tuticorin); Q3 sales volume reached 16.5 MnT, up 17% YoY.

• EBITDA for Q3 FY25 stood at INR 1,712 crore (18.4% margin), with EBITDA per ton at INR 1,038; cash and cash equivalents at INR 8,755 crore as of December 31.

• PAT for Q3 FY25 surged 140% year-over-year to ₹2,620 crore, aided by one-time tax reversals; 9M FY25 PAT up 21% to ₹3,876 crore.

• Ongoing integration and ramp-up of acquired assets led to higher costs and lower EBITDA per ton sequentially, with one-off impacts from plant shutdowns and maintenance.

• Strategic focus on cost leadership, operational excellence, and ESG, with significant investments in green power and waste heat recovery.

Financial highlights

• Q3 FY25 revenue: INR 9,329 crore; nine-month revenue: INR 25,156 crore.

• Q3 FY25 EBITDA: INR 1,712 crore (18.4% margin); nine-month EBITDA: INR 4,103 crore (16.3% margin).

• Operational cost per ton: INR 4,618 in Q3 FY25; nine-month operational cost: INR 4,520 per ton.

• Net worth reached an all-time high of INR 63,000 crore; company remains debt-free with AAA ratings.

• Q3 FY25 EPS (diluted) at ₹8.59, up from ₹3.87 in Q3 FY24.

Outlook and guidance

• Cement capacity to reach 104 MTPA by end of FY25, 118 MTPA by FY26, and 140 MTPA by FY28.

• Cost reduction target of INR 530 per ton, aiming for INR 3,650 per ton by FY28, driven by green power, logistics, and captive coal mines.

• Green power share expected to reach 22% by FY25 and 60% by FY28.

• Industry demand expected to grow 4%-5% in FY25, with H2 stronger than H1 due to government spending and infrastructure push.

• CapEx for FY25 projected at INR 9,000 crore, with INR 6,200 crore spent in the first nine months.