ACC drops after declaring Q4 result

ACC lost 2.82% to Rs 1,368 at 14:38 IST on BSE after the company announced its Q4 result during trading hours today, 5 February 2019.

Meanwhile, the S&P BSE Sensex was up 99.84 points, or 0.27% to 36,682.58

On the BSE, 1.04 lakh shares were traded in the counter so far compared with average daily volumes of 53,000 shares in the past two weeks. The stock had hit a high of Rs 1,435.15 and a low of Rs 1,357.25 so far during the day.

On a consolidated basis, ACC reported profit after tax of Rs 732 crore in Q4 December 2018 as compared to Rs 206 crore in Q4 December 2017. Profit after tax of Q4 December 2018 includes write-back of Rs 501 crore relating to tax provisions of earlier years. Net sales rose 10.88% to Rs 3789 crore in Q4 December 2018 over Q4 December 2017.

In its outlook ACC said that in the recently announced budget 2019, the Government has indicated its commitment to further augment the infrastructure sector (railways, roads, highways and irrigation projects). Government's concerted efforts to increase investment across several sectors will have a favorable impact which will stimulate cement demand and boost economic growth. This will open up more opportunities and cement as a core sector will continue to benefit from the India growth story.

Neeraj Akhoury, Managing Director & CEO, ACC said that the company has demonstrated its capacity to execute multiple strategies and strengthen the culture of protecting its reputation and driving competitive advantage.

ACC is one of India's leading producer's of cement and ready mix concrete.

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