Mumbai: ACC Ltd, controlled by Swiss group Holcim Ltd, the world’s second-largest cement producer, reported a 49% fall in net profit for the October-December quarter, meeting analyst expectations.
ACC, India’s No. 2 cement maker, reported a net profit of Rs.239 crore compared with Rs.470 crore a year earlier, meeting market estimates of Rs.240 crore, according to Thomson Reuters I/B/E/S.
The year-ago number included an exceptional gain for tax write-back of Rs.129 crore. Excluding this, profit would have fallen 30%.
Earlier, Morgan Stanley downgraded ACC to “equalweight” from “overweight”, while cutting its view on the cement industry to “in-line” from “attractive.” Reuters