The Hindu Business Line : ACC Q3 net marginally down

ACC Ltd has reported a net profit of Rs 225 crore for the third quarter of the current fiscal ended September 30, 2006, marginally lower than Rs 228 crore posted during the corresponding quarter of the previous year. Its last year net was boosted by extraordinary gains of over Rs 130 crore from asset sales.

Financials

ACC's profit before interest, depreciation, exceptional items and tax rose 118 per cent to Rs 388 crore up from Rs 178 crore as improved realisation and volumes offset increased input costs. The company has sold 4.27 million tonnes of cement during the quarter, which is higher by 8.4 per cent. Net sales increased by 36 per cent to Rs 1,374 crore (Rs 1,011 crore).

Total expenditure increased by 17 per cent to Rs 1,008 crore (Rs 859 crore), freight charges, power and fuel costs and other expenditure contributed to the increase. Cement demand growth would get an impetus by the robust growth of the Indian economy in the current year, said a statement from the company.

During the nine months January-September 2006, cement demand grew 11.9 per cent (9.5 per cent). The board of the company has reappointed Mr M.L. Narula as Managing Director, effective from November 1, 2006 to March 31, 2007. ACC shares ended Rs 10.70 lower at Rs 981.45 on the BSE.

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