ACC reports Q3 net loss at Rs 87 cr

On a consolidated basis, the cement major reported net loss of Rs 87.32 crore in Q3 September 2022 as against net profit of Rs 450.21 crore in Q3 September 2022.

Net sales rose 7.04% to Rs 3910.49 crore in Q3 September 2022 over Q3 September 2022.

During the quarter ended 30 September 2022, cement volume grew by 4% compared with the same quarter last year. Ready Mix Concrete performed well with a volume growth of over 10% over the same quarter last year.

Power and fuel expenses in Q3 September 2022 stood at Rs 1,317.53 crore, up 67.14% YoY.

EBITDA slumped 97.75% YoY to Rs 16 crore in Q3 September 2022, largely due to steep rise in fuel cost. EBITDA margin was 0.4% in Q3 September 2022 as against 19.5% in Q3 September 2021.

"The post-monsoon quarter will see the traditional rebound for the cement sector, including for ACC. We have had significant cost pressures in the recent past due to steep fuel price rise. However, recent cooling off in energy costs will impact us positively in the coming quarters," said B. Sridhar, whole time director & CEO ACC. "During the quarter, ACC recorded strong growth in RMX volume of 10% and RMX business remains a huge growth engine for future. We have aggressive growth plans and our capacity expansion initiative through our new green field projects at Ametha is progressing well and is expected to be commissioned by March 2023."

ACC is a part of Adani Cement and one of India's leading producers of cement and ready-mix concrete. ACC has 17 cement manufacturing sites, over 83 concrete plants and a nationwide network of channel partners to serve its customers.

Shares of ACC rose 0.57% to Rs 2258 on the BSE.

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