ACC net profit up 45% to Rs 303 cr in Sept qtr

Cement maker ACC Ltd on Tuesday reported a 44.66 per cent rise in consolidated net profit at Rs 302.56 crore for the third quarter ended September 30, 2019.

The company had posted a net profit of Rs 209.14 crore in the corresponding period of the previous fiscal, ACC said in a BSE filing.

Consolidated net sales stood at Rs 3,464.43 crore for the period under review as against Rs 3,363.96 crore for the same period year ago.

"ACC continues to deliver its profitable growth strategy with strong EBITDA and net profit growth. Our new product offerings, particularly in premium segments along with growth in ready mix volumes supported in delivering higher net sales," ACC MD and CEO Neeraj Akhoury said.

The company continues to deliver significant operational efficiencies which resulted in reduction of fixed and variable costs, he added.

The cement industry witnessed muted demand during the quarter due to extended monsoon, ACC said.

"We remain confident that cement demand growth will strengthen in the coming months," Akhoury said.

Shares of ACC settled at Rs 1,498.85 apiece on the BSE, up 2.06 per cent from previous close.

The company follows January-December as its fiscal year.