ACC consolidated net profit jumps 73% to Rs 472.4 cr in Dec quarter
New Delhi: Cement maker ACC Ltd on Thursday reported a 72.88 per cent jump in consolidated net profit to Rs 472.44 crore for the fourth quarter ended December 31.
The company, which follows the January-December financial year cycle, had posted a net profit of Rs 273.28 crore in the corresponding quarter a year ago, ACC said in a BSE filing.
Its total revenue from operations in October-December 2020 rose 2.08 per cent to Rs 4,144.72 crore, against Rs 4,060.31 crore in the year-ago period.
ACC's total expenses were at Rs 3,747.64 crore, up 1.03 per cent as against Rs 3,709.42 crore a year ago.
Its revenue from cement was up 4.63 per cent to Rs 3,876.54 crore, against Rs 3,704.94 crore of the corresponding quarter.
ACC's cement sales volume was down marginally to 7.71 million tons (MT), against 7.76 MT of October-December quarter of 2019.
While ready-mix concrete was down 19.5 per cent to Rs 312.93 crore, against Rs 388.89 crore.
Sales volume of ready mix concrete was at 0.73 million cubic metres. It was 0.93 million cubic metres in the fourth quarter of 2019.
For the year 2020, ACC's net profit was up 3.82 per cent to Rs 1,430.26 cr as against Rs 1,377.54 crore of 2019.
However, its total revenue from operations for the year was down 12 per cent to Rs 13,785.98 crore. It was Rs 15,657.55 crore in 2019.
Meanwhile, ACC also informed that its board on Thursday recommended payment of a dividend of Rs 14 per equity share of Rs 10 each (fully paid-up) for the financial year ended December 31, 2020.
ACC Managing Director and CEO Sridhar Balakrishnan said, "We are confident of continuing our journey of strong performance in the coming quarters."
Over the outlook, the company said it is encouraged by the government's increased spending on infrastructure development, particularly roads, railways, affordable housing and other schemes as announced in the recent Union Budget.
"We are optimistic and maintain a positive outlook that the government's timely and pro-active measures will open up more opportunities for the cement sector which will stimulate cement demand and enhance economic growth," said Balakrishnan.
Shares of ACC Ltd on Thursday settled at Rs 1,776.25 on the BSE, up 0.65 per cent from the previous close.
