Cement manufacturer ACC on Tuesday reported a decline of 30 per cent in its consolidated net profit for Q1CY22 on a year-on-year basis.
The company’s consolidated net profit fell to Rs 396 crore from Rs 563 crore reported for the corresponding quarter of the previous fiscal.
However, the company’s consolidated net sales were up to Rs 4,322 crore in the quarter under review from Rs 4,213 crore earned during Q1CY21.
“ACC’s focussing on capacity growth, delivering cost reduction and sharp actions on sustainability has continued. Our execution capabilities to drive efficiencies and commission new projects have enabled us to make ACC significantly stronger,” said Sridhar Balakrishnan, Managing Director and CEO, ACC.
“The January to March 2022 quarter was impacted due to the global rise in fuel costs driven by the overall geopolitical situation. The India story remains intact. Our ongoing initiatives on growth, sustainability and productivity improvements will continue as we progress on the consequent execution of our strategy,” he added.
In terms of outlook, the company said that the demand situation is expected to further improve in the coming months supported by an improving domestic economic environment and the various initiatives of the government in terms of increased spending on infrastructure development.