ACC drops after reporting weak Q3 results

ACC dropped 4.04% to Rs 1,547 at 15:00 IST on BSE after consolidated net profit fell 28.85% to Rs 81.97 crore on 9.75% decline in turnover to Rs 2472.81 crore in Q3 September 2016 over Q3 September 2015.

The result was announced during market hours today, 21 October 2016.

Meanwhile, the S&P BSE Sensex was down 110.04 points or 0.39%at 28,023.63.

On BSE, so far 49,984 shares were traded in the counter as against average daily volume of 35,172 shares in the past one quarter. The stock hit high of Rs 1,618.75 and low of Rs 1,545.20 so far during the day. The stock hit a 52-week high of Rs 1,738 on 8 August 2016. The stock hit a 52-week low of Rs 1,173.25 on 29 February 2016. The stock had underperformed the market over the past one month till 20 October 2016, falling 1.42% compared with 1.38% decline in the Sensex. The scrip had also underperformed the market in past one quarter, declining 1.31% as against Sensex's 0.77% rise.

The large-cap company has equity capital of Rs 187.79 crore. Face value per share is Rs 10.

ACC's operating earnings before interest, taxes, depreciation and amortization (EBITDA) declined 12.61% to Rs 273.70 crore in Q3 September 2016 over Q3 September 2015. ACC said that on the supply side, the company expects its volumes to pick up as the newly commissioned units stabilize, especially in the fast-growing eastern region. On the overall demand side, the company maintains an optimistic outlook for the economy in the coming months.

ACC is a manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices.

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