Cement maker ACC Ltd on Friday reported a 62.68 per cent decline in consolidated net profit to Rs 273.28 crore for the quarter ending December 2019.
The company had posted a net profit of Rs 732.35 crore in the October-December quarter a year ago, ACC said in a BSE filing.
Its total income was up 4.89 per cent at Rs 4,117.85 crore during the quarter under review compared to Rs 3,925.61 crore in the corresponding quarter of the last fiscal, ACC said in a BSE filing.
Total expenses of the company, which follows January-December as its fiscal year, were at Rs 3,709.42 crore as against Rs 3,585.32 crore of the corresponding quarter, up 3.46 per cent.
The revenue from cement segment was Rs 3,704.94 crore and from ready mix concrete at Rs 388.89 crore during the quarter against Rs 3,582.18 crore and Rs 359.54 crore, respectively, in the year-ago period.
Its sales volume for cement was up 3.88 per cent to 7.76 MT as against 7.47 MT of the corresponding quarter.
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Commenting on the results, ACC MD and CEO Neeraj Akhoury said: "We continue on our strong growth trajectory and have delivered a robust performance. Expansion in EBITDA has been supported by growth in premium products, higher value added service in our ready mix concrete business and efficiencies in manufacturing, supply chain and support functions."
For the financial year 2019, ACC's net profit was down 9.40 per cent to Rs 1,377.54 crore as against Rs 1,520.62 crore.
However, its total income was at Rs 15,975.98 crore, up 6.90 per cent as against Rs 14,944.28 crore in 2018.
Our the outlook, he said: "The recently announced Rs 102 lakh crore on infrastructure projects under the national infrastructure pipeline is expected to drive the cement demand."
Meanwhile, in a separate filing ACC said that its board in a meeting held on Friday has 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, 2019.
Shares of ACC Ltd on Friday settled at Rs 1,501.35 on BSE, up 0.79 per cent from the previous close.
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