ACC June qtr profit up 39 pc to Rs 456 cr

Cement maker ACC Thursday reported 38.61 per cent rise in consolidated net profit at Rs 455.68 crore for the quarter ended June 30, 2019 helped by improvement in operating performance and sales.

The company, which follows January-December financial year, had posted a profit of Rs 328.74 crore in April-June quarter a year ago, ACC said in a BSE filing.

Total revenue from operation was also up 7.83 per cent to Rs 4,149.82 crore during the quarter under review as against Rs 3,848.25 crore in the year-ago period.

"Despite subdued cement demand, our strong customer relationships, loyal channel network and range of innovative products have helped us deliver a robust quarter. Our ready mix concrete business grew strongly aided by eight new ready mix concrete plants in this quarter," ACC Managing Director & CEO Neeraj Akhoury said.

Total expenses of the company were at Rs 3,533.55 crore as against Rs 3,399.63 crore in the year-ago period.

During the June quarter, cement sales volume was flat at 7.2 million tonne. However, sales volume of ready mix concrete was up 10.38 per cent to 0.85 million cubic metres from 0.77 million cubic metres earlier.

For January-June 2019, ACC profit was up 38.43 per cent to Rs 801.70 crore as against Rs 579.13 crore in the year-ago period.

Total revenue from operation for the six-month period was at Rs 8,068.93 crore, up 7.97 per cent from Rs 7,472.84 crore in January-June 2018.

ACC stock Thursday settled at Rs 1,567.20, down 1.68 per cent from the previous close on BSE.