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ACC’s Net Profit In Q2 FY21 Surges 20% To Rs 364 Crore

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Its total revenue from operations was marginally up to Rs 3,537.31 crore during the quarter under review as against Rs 3,528.31 crore in the year-ago period.

Cement maker ACC Ltd on Monday reported a 20.25 percent increase in consolidated net profit to Rs 363.85 crore for the third quarter ended September 30.

The company, which follows January-December financial year, had posted a profit of Rs 302.56 crore in the same quarter a year ago, ACC said in a BSE filing.

Its total revenue from operations was marginally up to Rs 3,537.31 crore during the quarter under review as against Rs 3,528.31 crore in the year-ago period.

ACC’s total expenses slipped 3.05 percent to Rs 3,042.75 crore from Rs 3,138.67 crore.

ACC Managing Director & CEO Sridhar Balakrishnan said its “volumes and sales have bounced back to prior-year levels. Our efficiency and cost reduction plans have helped drive significant margin expansion during the quarter”.

Its cement volume was marginally up 0.77 percent at 6.49 MT (million tonnes) in the July-September quarter as against 6.44 MT a year ago.

The company’s revenue from cement was up 4.31 percent at Rs 3,373.07 crore over Rs 3,233.40 crore in the year-ago quarter.

Revenue from ready mix concrete in the quarter fell 41.29 percent to Rs 196.57 crore compared to Rs 334.85 crore.

On the outlook, the company said it expects a strong resurgence of cement demand helped by the government’s push to key infrastructure sectors.

“The Government’s thrust on infrastructure development, increased spending through measures aimed at reviving the rural economy and a sharper focus on the affordable housing segment is expected to drive a strong resurgence of cement demand and bring growth opportunities for the cement sector going forward,” said Balakrishnan.

Shares of ACC Ltd on Monday settled at Rs 1,562.80 apiece on BSE, up 0.09 percent from its previous close.

(This story has been published from a wire feed without modifications to the text. Only the heading has been changed)

Source: PTI

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