Mumbai: Cement maker ACC Ltd on Tuesday reported a 41% drop in net profit for the quarter ended 31 March due to weak demand and a tax expense of 78 crore. Sales dropped 3% to 2885.44 crore.

“Profit after tax in the first quarter of 2015-16 was 236.54 crore as against 399.85 crore in the first quarter of 2014-15," the company said in its statement to the BSE. It counts its year from January.

The tax expense is related to credit relating to earlier years, the company said.

According to a Bloomberg poll of six analysts, ACC’s net sales was estimated at 3038.4 crore and net profit was estimated at 231.1 crore.

The volume of cement sales declined 10% to 5.82 million tonne in the quarter from a year ago.

“With the slackened demand for cement from infrastructure and general construction sector, the overall cement sales volume registered a decline," ACC said in its statement. The company is hopeful that the cement demand will improve in the next two quarters.

ACC lost 2.38% to 1,594.60 on Monday. The stock market was closed on Tuesday.

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