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ACC Q1 profit jumps 38% to Rs Rs 346 crore

Date: 24-04-2019
Subject: ACC Q1 profit jumps 38% to Rs Rs 346 crore
New Delhi: Cement maker ACC Tuesday reported a 38.19 per cent increase in its consolidated profit at Rs 346.02 crore for the first quarter ended March 2019, helped by increase in sales volume. 

The company had posted a consolidated profit of Rs 250.39 crore in the January-March quarter a year ago, ACC Ltd said in a BSE filing. 

ACC's total income during the period under review was up 10.99 per cent to Rs 4,075.71 crore as against Rs 3,671.95 crore in the corresponding period of the previous fiscal.

The company, which follows January-December period as financial year, reported its total expenses at Rs 3,555.84 crore as against Rs 3,299.16 crore, up 7.78 per cent. 

"The prices of fuel and slag rose in the quarter, which were mitigated by market initiatives, sustained cost reduction initiatives viz. material source-mix & fuel mix optimisation and productivity improvement measures. Plant capacity utilisation improved during the quarter," the company said in a statement. 

ACC's cement sales volume was up 5.63 per cent to 7.5 million tonne in the January-March quarter as against 7.1 million tonne. 

During the quarter, revenue from cement segment was at Rs 3,587.08 crore, up 6.85 per cent, as against Rs 3,356.98 crore in the year-ago period. 

ACC's earning from ready mix concrete business was also up 18.48 per cent to Rs 392.99 crore as against Rs 331.68 crore. 

"Our ready mix concrete business has demonstrated consistently strong volume growth quarter after quarter. We are also investing in a pipeline of solutions and products including a portfolio of dry mix products," said ACC Managing Director & CEO Neeraj Akhoury. 

On the outlook, the company said: "Predictions of a normal monsoon augur well for the rural economy. The government's continued thrust on infrastructure development as well as 'Housing for All' initiatives are expected to invigorate the construction sector and stimulate cement demand." 

Shares of ACC Ltd on Tuesday settled at Rs 1,657.85 on the BSE, down 0.26 per cent from the previous close. 

Source: economictimes.indiatimes.com

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