ACC reports 9 per cent drop in consolidated profits
Cement major ACC on reported a 9.05 per cent YoY drop in consolidated net profit to Rs 211 crore for the March quarter. The company had reported a net profit of Rs 232 crore in the corresponding quarter last year. Profit before tax (PBT) fell to Rs 261 crore for the March quarter, compared with Rs 326 crore in the year-ago quarter. Net sales for the company rose to Rs 3,108 crore for the quarter, up 7.77 per cent YoY over Rs 2,884 crore reported in the year-ago quarter. Cement sales volume for the quarter jumped 3.77 per cent to 6.60 million tonnes from 6.36 million tonnes in the same quarter last year amid higher sales from the expanded capacity at Jamul and Sindri plant. The company said it launched two new products during the quarter. “As Indian economy gains momentum, we are well positioned to reap the benefits of tax reform, and investments in infrastructure development and affordable housing,” said Neeraj Akhoury, managing director and CEO at ACC.
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