ACC rose 1.96% to Rs 1,604 at 9:19 IST on BSE after consolidated profit after tax rose 18.48% to Rs 250 crore on 14.45% increase in net sales to Rs 3557 crore in Q1 March 2018 over Q1 March 2017.
The result was announced after market hours yesterday, 18 April 2018.Meanwhile, the S&P BSE Sensex was up 95.59 points, or 0.28% to 34,427.27.
On the BSE, 3,690 shares were traded in the counter so far compared with average daily volumes of 15,000 shares in the past two weeks. The stock had hit a high of Rs 1,612.60 and a low of Rs 1,601.70 so far during the day. The stock hit a 52-week high of Rs 1,869 on 13 September 2017. The stock hit a 52-week low of Rs 1,485.35 on 21 April 2017.
Operating earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17.99% to Rs 492 crore in Q1 March 2018 over Q1 March 2017. Cement sales volume rose 7.73% to 7.11 million tonnes in Q1 March 2018 over Q1 March 2017.
A rise in energy and slag prices adversely impacted operating costs during the quarter as compared to the same quarter a year ago. Despite a challenging external environment, cost savings were achieved through sustained improvement in operational efficiencies, optimization and robust control on fixed costs, the company said in a statement.
ACC's financial performance in Q1 March 2018 reflects strong volume growth momentum powered by the company's focused approach to innovation, operational improvements, and customised solutions for consumers. The company is on a clear growth trajectory to deliver strong returns to its shareholders, Neeraj Akhoury, managing director and CEO, said in a statement.
In its outlook, ACC said increased government spending on infrastructure development including roads and railways, housing and other schemes as announced in the Union Budget are expected to reinvigorate the construction sector and boost demand for cement and concrete during 2018.
ACC, a member of the LafargeHolcim Group, is one of India's leading producers of cement and ready mixed concrete.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
