ACC net soars 84% to Rs 81 cr

BS 200 SCORECARD

The Associated Cement Companies has recorded a 84 per cent jump in its net profit at Rs 81.23 crore for the quarter ended June 30, 2004, compared with a net profit of Rs 44.14 crore in the corresponding quarter of the previous year.

Net sales were up 17 per cent at Rs 947.93 crore (Rs 809.79 crore). Profit before interest, depreciation and tax stood at Rs 176.65 crore in the first quarter of the current financial year, compared with Rs 141.16 crore in the corresponding last period.

The company's interest costs for the quarter fell 16.3 per cent to Rs 20.88 crore while depreciation increased 0.8 per cent at Rs 43.91 crore.

Expenditure costs in the quarter went up 14.29 per cent to Rs 785.82 crore (Rs 687.55 crore). Basis earnings per share (EPS) at the end of the first quarter stood at Rs 4.88 (Rs 2.85). Diluted EPS was Rs 4.69 (Rs 2.85).

Cement sales in the period increased marginally at 38.85 lakh tonne, compared with sales of 38.52 lakh tonne. In a statement to the press, the company said: "During the quarter industry faced severe problem in availability and transportation of coal. This together with increase in price of coal, gypsum, diesel & freight resulted in pressure on cost which was neutralised largely by way of improved operating efficiencies."

The company said the cement industry has posted a 2.3 per cent growth in the quarter as against the last quarter's 4.5 per cent. "The emphasis in the Finance Bill 2004 on infrastructure such as roads, airports and housing augurs well for the industry and it is expected to do better in the remaining period of the current financial year," the company added.