ACC net profit down 4 percent in Q1

Mumbai, April 28 (IANS) Cement maker ACC, which follows the calendar year in its accounting system, Thursday said it posted a decline of 4 percent in its consolidated net profit during the January-March quarter at Rs. 226.95 crore from Rs.236.54 crore in the same period last year.

The company said net sales for the quarter grew marginally to Rs 2,927.4 crore, up 1.5 percent.

“With construction activity picking up especially in infrastructure and housing sectors during the quarter, the demand for cement registered a perceptible increase as compared to the slow pace witnessed in the previous year,” the company said in a statement.

It said better off-takes enabled it to achieve a growth of 9 percent in cement sales volume during the quarter while the realisations in the quarter were down 8 percent year-on-year.

Company’s EBITDA for the quarter ended March was Rs.433.59 crore, down from Rs.609.48 crore for the same period last year.

In its outlook, the company said that it expected acceleration in government’s investment in infrastructure and urbanisation projects along with above normal monsoon would increase the demand for cement.

On the BSE, shares of ACC were traded at Rs.1,450, up 1.43 percent at the closing.

–IANS

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