Increased sales boost ACC profit by 38 pc to Rs 346 crore in Jan to Mar quarter
Mumbai (Maharashtra) [India], Apr 24 (ANI): Cement manufacturer ACC has reported 38 per cent increase in its profit after tax at Rs 346 crore in the January to March quarter due to substantial sales volume.
ANI
Apr 24, 2019 11:15 IST
Mumbai (Maharashtra) [India], Apr 24 (ANI): Cement manufacturer ACC has reported 38 per cent increase in its profit after tax at Rs 346 crore in the January to March quarter due to substantial sales volume.
The company had posted a net profit of Rs 250 crore in the same period of the previous year.
ACC follows January to December as the financial year. Its total income was up 11 per cent in the first quarter to Rs 4,076 crore as against Rs 3,672 crore in the same period of previous fiscal.
Net sales during the quarter went up by 8 per cent to Rs 3,850 crore compared to Rs 3,557 crore for the same quarter last year.
"Our ready mix concrete business has demonstrated consistently strong volume growth quarter after quarter," said Managing Director and CEO Neeraj Akhoury.
"We are also investing in a pipeline of solutions and products including a portfolio of dry mix products," he said in a statement on Tuesday.
ACC total expenses were Rs 3,556 crore as against Rs 3,299 crore, up 7.78 per cent. The prices of fuel and slag rose in the quarter which was mitigated by market initiatives, sustained cost reduction initiatives like material source mix and fuel mix optimisation besides productivity improvement measures.
The cement sales volume was up 5.63 per cent to 7.5 million tonnes in the January to March quarter as against 7.1 million tonnes in the first quarter of 2018.
Revenue from the cement segment was at Rs 3,587 crore, up 6.85 per cent from Rs 3,357 crore in the year-ago period.
"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," said Akhoury. (ANI)
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