 "ACC dips on disappointing Q2 results")
Shares of ACC were lower by 3% at Rs 1,443 on the National Stock Exchange (NSE) in early morning trades after the company reported a 45% year-on-year (YoY) decline in its consolidated net profit at Rs 133 crore for the second quarter ended June 30 (Q2), on account of subdued demand. The company had posted a profit of Rs 243 crore in the same quarter a year ago.
Total consolidated income fell marginally by 1.5% to Rs 3,015 crore in the April-June quarter from Rs 3,060 crore in the same quarter of fiscal 2014.
Analysts on an average had expected a profit of Rs 234 crore on net sales of Rs 3,022 crore.
The company said operating EBITDA declined in this quarter to Rs 335 crore from Rs 452 crore in the second quarter of 2014.
During the quarter, the cement market was challenging and our cement sales volumes were subdued. Overall construction activity remained dull with weak expenditure on infrastructure and housing sectors leading to lack-lustre demand for cement. Surplus capacity in the industry heightened competition and made cement prices volatile, the company said.
The stock hit a low of Rs 1,431 on the NSE and has seen a combined around 120,000 shares changing hands on the counter on the NSE and BSE till 09:27 AM.
Total consolidated income fell marginally by 1.5% to Rs 3,015 crore in the April-June quarter from Rs 3,060 crore in the same quarter of fiscal 2014.
Analysts on an average had expected a profit of Rs 234 crore on net sales of Rs 3,022 crore.
The company said operating EBITDA declined in this quarter to Rs 335 crore from Rs 452 crore in the second quarter of 2014.
During the quarter, the cement market was challenging and our cement sales volumes were subdued. Overall construction activity remained dull with weak expenditure on infrastructure and housing sectors leading to lack-lustre demand for cement. Surplus capacity in the industry heightened competition and made cement prices volatile, the company said.
The stock hit a low of Rs 1,431 on the NSE and has seen a combined around 120,000 shares changing hands on the counter on the NSE and BSE till 09:27 AM.
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