BackACC profit falls 69% to Rs102 crore
Net sales rose 3% to `2,846 crore from `2,762 crore a year ago
PremiumPhoto: Bloomberg
Mumbai: Cement maker ACC Ltd on Wednesday reported a 69% drop in its consolidated net profit for the quarter ended 31 December on account of lower income from avenues other than its core business.
The consolidated net profit was ₹ 102 crore as against ₹ 326 crore a year ago. Other income stood at ₹ 19.30 crore as against ₹ 42.93 crore a year ago. For the corresponding period last year, the company had also reported a tax credit of ₹ 184.34 crore.
Net sales rose 3% to ₹ 2,846 crore from ₹ 2,762 crore a year ago. Its operating profitability or Ebitda (earnings before interest, tax, depreciation and amortization) rose 9% to ₹ 280 crore from ₹ 257 crore reported in the same period last year.
A Bloomberg poll of four analysts had forecast a net profit of ₹ 137.60 crore on net sales of ₹ 2,861.80 crore.
For the full financial year (January-December) 2015-16, the company reported a consolidated profit of ₹ 588 crore, 49% lower from ₹ 1,162 crore in 2014.
“In the previous year on completion of assessments and review of certain tax positions, an amount of ₹ 309 crore had to be written back, whereas no such write backs were necessary in 2015. In the current year an addition depreciation charge of ₹ 181 crore was made on account of change in the useful lives of fixed assets," the ACC statement said explaining the fall in its yearly profit.
In the quarter ended 31 December, the company sold 6 million tonnes of cement as against 5.77 million tonnes sold in the same period in the previous year.
The company also announced appointment of Martin Kriegner as an additional director on the Board with effect from 11 February in place of Bernard Terver, who will step down from the board on his retirement from LafargeHolcim Ltd.
On Wednesday, ACC closed at ₹ 1,269.05 per share, 0.74% lower from its previous close. The Sensex fell 1.09% to 23,758.90 points.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
