ACC Q3 net up 10.4% to Rs 22.32 crore

Associated Cement Companies has posted a 10.4 per cent jump in net profit at Rs 22.32 crore for the third quarter ended December against Rs 20.21 crore in the same period last year.

Net sales rose 12.1 per cent to Rs 905.77 crore (Rs 807.86 crore). The ACC board has deferred its decision on the proposed merger of subsidiary Idcol Cement (to be renamed Bargarh Cement) with itself.

The issue will be taken up at a subsequent board meeting, a senior ACC executive said. Interest costs during the quarter declined 16.53 per cent to Rs 22.86 crore (Rs 27.39 crore). The company received a credit of Rs 12.18 crore based on the Supreme Court judgement in favour of the company, with respect of the cess on power generation.

The paid up equity share capital of the company has also increased by Rs 0.62 crore to Rs 172.11 crore on the basis of employee stock option schemes.

The company's cement division registered net sales of Rs 816.4 crore (Rs 731.27 crore). While net sales from the ready mix concrete division stood at Rs 32.15 crore, net sales from the refractory segment were at Rs 48.51 crore.