Standalone income of 42.9bn (+23% y-y, +4% q-q) came in 1-2% under Bloomberg consensus estimate and our forecast, driven by 1% reduce blended realisations, whilst cement volume was in line with our estimate.
EBITDA of Rs 8.6bn (+47% y-y, +23% q-q) was 21%/26% above our/consensus estimates, driven by reduce energy/fuel and raw material fees (each 10% under us). 1Q standalone reported PAT at Rs 5.6bn (+74% y-y, +20% q-q) was 27%/30% above consensus/our estimates driven by larger EBITDA and reduce depreciation.
Volumes in line blended realizations slightly reduce ACC’s cement sales volume at 7.97mt (vs our estimate of 8mt) was up 21% y-y driven by robust demand as properly as reduce base. Ready Mix Concrete (RMC) volume recovered additional 14% q-q to .83 mcu. m (vs our estimate of .85) but are nonetheless down 11% y-y (-22%/-43%/-83% y-y in 4Q/3Q/2QFY20).
Blended realization at Rs 269/bag (flat q-q, +1% y-y) was 1% under our estimate of Rs 273/bag, whilst cement realization at Rs 244/bag (flat q-q, +7%y-y) was largely in line with our estimate of `245/bag. Lower energy/fuel fees, inventory and freight fees increase per ton EBITDA margins Per unit energy and fuel fees at `1,009 (+3% q-q, -10% y-y) was 9% under our estimate as larger fuel price was offset by improvement in power consumption/mix.
Per unit freight fees at Rs 1,366 (+3% q-q, -5% y-y) was 3% under our estimate as enhanced direct dispatches, warehouse and network optimization and procurement savings mitigate influence of larger diesel fees. Total raw material fees had been ~10% under our estimate driven by reduce inventory and reduce buy of traded cement. Overall, per unit variable price at `3,311 (-3% q-q, +1% y-y) was 7% under our estimate of Rs 3,557.
Staff fees had been -17% q-q to Rs 2.1bn (-1% y-y, 7% under our estimate), whilst other expenditures at Rs 5.9bn (in line with our estimate), was +6% y-y. Per unit fixed price at `996/t (-6% q-q, -14% y-y) was ~2% under our estimate. Overall per unit opex at Rs 4,307 (-4% q-q, -3% y-y) was ~6% under our estimate of `4,570.
With reduce per unit fees offsetting slightly reduce blended realization, blended per unit EBITDA at Rs 1,078 (+21 y-y, +19%q-q) was 22% above our estimate of `885/t.