ACC net profit down 29 percent

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SME Times News Bureau | 22 Oct, 2016
Cement manufacturer ACC Ltd on Friday reported that its consolidated net profit dipped by 29 per cent to Rs 81.97 crore for the quarter ended September 30, as compared to Rs 115.21 crore in the year ago period.

The firm's consolidated sales turnover for the quarter was at Rs 2,472.81 crore, down by 9.7 per cent, from Rs 2,740 crore in corresponding period last year.

"The company's overall sales volume in this quarter was lower as compared to the preceding year. Markets conditions led to marginally lower realisations as compared to the previous year in all regions except in north, whereas net selling prices registered an improvement on a sequential basis," a company statement said.

The cement maker also cited "higher monsoon activity" for subdued sales during this quarter and it augurs well for demand in the coming months.

The company commissioned the new 2.79 million tonne clinkering line and a 1.10 million tonne cement grinding unit at Jamul in Chhattisgarh during this quarter.

The remaining phases of this project comprises a 1.35 million tonnes cement grinding unit at Sindri in Jharkhand, which is expected to be commissioned before the end of current month.

"On the supply-side, we expect our volumes to pick up as the newly commissioned units stabilise, especially in the fast growing eastern region. On the overall demand side, we maintain an optimistic outlook for the economy in the coming months," the cement-maker added.