Cement maker ACC Ltd today reported an 8.90 per cent decline in consolidated net profit at Rs 211.06 crore for the first quarter ended March 31, 2017.
The company, which follows the January-December financial year, had posted a net profit of Rs 231.70 crore during the same quarter of previous year, ACC Ltd said in a BSE filing.
Its total income from operations during the period under review was at Rs 3,663.18 crore, up 9.28 per cent as against Rs 3,323.17 crore in the corresponding quarter of last fiscal.
During the quarter, ACC's cement sales were up 3.77 per cent to 6.60 million tonnes as against 6.36 million tonnes.
"With the launch of two new products this quarter, we continue to build our specialised building product segment, while investing in new capacity at our Jamul plant which is now fully commissioned and able to meet customer need in the Eastern region," ACC CEO and Managing Director Neeraj Akhoury said.
On outlook, ACC said: "Increased government spending on infrastructure development, housing, roads, railways, irrigation, and other schemes as announced in the Union Budget are expected to reinvigorate the construction sector and boost demand for cement and concrete during 2017".
Meanwhile, in a separate filing, ACC informed that it has appointed Surendra Mehta as its Company Secretary.
Shares of ACC Ltd ended 1.15 per cent down at Rs 1,495 on BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)