ACC Q3 net profit falls 29% to Rs 82 cr as higher monsoon dampen sales
Total consolidated income of the company declined by 10 percent to Rs 2,521.45 crore in July-September quarter as against Rs 2,789.82 crore during the same quarter in 2015
New Delhi: Cement maker ACC Ltd Friday said its consolidated net profit fell by 29 percent to Rs 82 crore for the quarter ended September 30, hit by subdued market conditions and lower realisations.
The firm, a subsidiary of Ambuja Cement and part of the Swiss giant LafargeHolcim, had posted a net profit of Rs 115.21 crore a year-ago, it said in a BSE filing.
Total consolidated income of the company declined by 10 percent to Rs 2,521.45 crore in July-September quarter as against Rs 2,789.82 crore during the same quarter in 2015.
ACC follows January-December as fiscal year.
Its total expenses were lower at Rs 2,403.14 crore from Rs 2,639.99 crore during the period under review.
In the September quarter, cement sales of the company fell by 10 percent to 5.07 million tonnes (MT) against 5.61 MT during the same period in 2015-16.
"Although higher monsoon activity subdued sales during this quarter, it augurs well for demand in the coming months," it said.
Market conditions led to marginally lower realisations as compared to the previous year in all regions except in north India, whereas net selling prices registered an improvement on a sequential basis, ACC added.
On outlook, the firm said: "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."
In July, the cement maker said its new 2.79 MT per annum clinker plant and 1.10 MT grinding unit at Jamul, Chhattisgarh started commercial production, which will help the firm strengthen its consumer base in Eastern India.
The remaining phase of this project comprising a 1.35 MT cement grinding plant at Sindri in Jharkhand is expected to be commissioned before October-end, it said.
Delhi government on Monday announced that sale of alcohol would not be allowed only on three days — Republic Day, Independence Day and Gandhi Jayanti, down from 21 days in the previous year
As #Amazon_Insults_National_Flag trends on Twitter today, users point out that selling chocolate wrappers, face masks, keychains and kids clothing with flag’s imprint is against the flag code of India
To make your purchasing decisions easier, we bring for you some of the best deals on laptops, mobile phones and other gadgets available in this year’s Amazon Republic day sale