ACC · Construction Materials
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +103.0% on the year; profit before other income, exceptional items and tax +30.2%.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 44% of profit before tax, against 13% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,435 cr | ₹4,914 cr | ₹5,409 cr | ₹5,199 cr | ₹4,634 cr | ₹5,972 cr | ₹6,115 cr | ₹6,087 cr | ₹6,005 cr | ₹6,483 cr | ₹7,146 cr | ₹5,808 cr |
| YoY | — | — | — | −0% | +4% | +22% | +13% | +17% | +30% | +9% | +17% | −5% |
| EBITDA margin | 12.4% | 18.4% | 15.5% | 13.1% | 9.4% | 18.7% | 13.6% | 12.8% | 14.1% | 10.8% | 8.8% | 7.9% |
| Other income, % of PBT | 41% | 13% | 40% | 15% | 44% | 44% | 37% | 12% | 29% | 20% | 14% | 16% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | −7% | 26% | 30% | 26% | 15% | 33% | −47% | 12% | 36% | 26% |
| Net profit | ₹388 cr | ₹538 cr | ₹943 cr | ₹360 cr | ₹200 cr | ₹1,092 cr | ₹751 cr | ₹375 cr | ₹1,119 cr | ₹404 cr | ₹238 cr | ₹147 cr |
| YoY | — | — | — | −23% | −48% | +103% | −20% | +4% | +460% | −63% | −68% | −61% |
| Core profit YoY | — | — | — | −25% | −48% | +30% | +4% | +20% | +236% | −55% | −42% | −66% |
| EPS | ₹20.65 | ₹28.63 | ₹50.23 | ₹19.15 | ₹10.63 | ₹58.14 | ₹39.99 | ₹19.99 | ₹59.60 | ₹21.52 | ₹12.69 | ₹7.83 |
| Flags | 1 | · | 2 | ✓ | ✓ | 2 | 1 | ✓ | 2 | 2 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
ACC Ltd. reported revenue of ₹5,972 cr (+21.5% on the year) and net profit of ₹1,092 cr (+103.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +30.2% on the year, against +103.0% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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