ACC shares fell nearly 2 percent on Tuesday as the company has posted losses in the quarter ended September 2022. ACC on October 17 reported a standalone loss of Rs 91 crore for the quarter, as against a post-tax profit of Rs 449 crore a year back, while it had posted a net profit of Rs 222 crore in the June quarter this year. The company recorded a 7 percent rise in net sales at Rs 3,910 crore as compared to Rs 3,653 crore in the same quarter last year. EBITDA (earnings before interest, tax, depreciation and amortisation) stood at Rs 16 crore against Rs 713 crore last year, impacted largely due to a steep rise in fuel cost.
Morgan Stanley has maintained 'underweight' rating on the stock and cut the target price to Rs 1,950 from Rs 2,050 per share. The company's EBITDA fell sharply, coming in well below estimate on weaker-than-expected costs. "We have revises estimates to reflect the miss. We have maintained relative underweight call given lower growth expectations versus peers," reported CNBC-TV18. ACC was quoting at Rs 2,231.35, down Rs 38.35, or 1.69 percent on the BSE. For More Such News Join Our Blog.

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