ACC reports 45 pc jump in September quarter profit at Rs 303 crore
Mumbai (Maharashtra) [India], Oct 15 (ANI): Cement manufacturer ACC Ltd said on Tuesday its profit after tax (PAT) jumped 45 per cent to Rs 303 crore in the July to September quarter compared to Rs 209 crore in the corresponding period of last year.
ANI
Oct 15, 2019 18:15 IST
Mumbai (Maharashtra) [India], Oct 15 (ANI): Cement manufacturer ACC Ltd said on Tuesday its profit after tax (PAT) jumped 45 per cent to Rs 303 crore in the July to September quarter compared to Rs 209 crore in the corresponding period of last year.
While the net sales moved up only 3 per cent to Rs 3,464 crore from Rs 3,364 crore, the operating earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter registered year-on-year growth of 26 per cent at Rs 557 crore versus Rs 444 crore.
The input cost of raw materials was lower year-on-year supported by supply chain efficiency. Fixed costs as well as selling, general and administrative expenses continued to be lower on the year-on-year basis.
The company's ready-mix concrete business registered a growth of 10 per cent in top-line supported by higher volumes. The volume of value-added solutions grew substantially and three new plants were added during the quarter, bringing ACC's operational ready mix plants in India to 83.
"Our new product offerings, particularly in premium segments along with growth in ready-mix volumes supported in delivering higher net sales," said Managing Director and CEO Neeraj Akhoury. "We remain confident that cement demand growth will strengthen in the coming months."
Akhoury said the company maintains a positive outlook for demand in the coming months. The government's recent steps like reduction in corporate tax as well as lowering of interest rates are expected to stimulate the economy and drive infrastructure and affordable housing demand, he said.
ACC is executing projects that will add new capacity in the markets of Uttar Pradesh, Madhya Pradesh, Bihar, Jharkhand, and West Bengal. A member of the LafargeHolcim Group, ACC has over 6, 700 employees, 17 cement manufacturing sites, 83 concrete plants backed by a nationwide network of over 50,000 retail outlets. (ANI)
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