ACC’s total expenses increased by 14.10 per cent to Rs 4,514.38 crore. (file)
New Delhi:
Cement maker ACC Ltd on Thursday reported a 40.53 per cent decline in its consolidated net profit at Rs 235.66 crore for the quarter ended March 2023. The company had posted a profit of Rs 396.33 crore in the January-March quarter a year ago. ACC, which is now part of Adani Cement, in a BSE filing.
Its total revenue from operations during the quarter under review grew 8.23 per cent to Rs 4,790.91 crore from Rs 4,426.54 crore in the year-ago period.
ACC’s total expenses increased by 14.10 per cent to Rs 4,514.38 crore.
Its sales volume (cement and clinker) stood at 8.5 million tonnes, up 7.6 per cent over the January-March quarter of the previous fiscal.
Ajay Kapoor, Whole Time Director & CEO, ACC, said: “Our transformation journey has been fueled by greater operational efficiencies, improved synergies and business excellence, which have led to a substantial improvement in our financial performance and overall business indicators.”
“We have a detailed blueprint to reduce and improve each cost factor and initiative. This along with the capex program will bring the company back to its legacy growth momentum,” he added.
ACC’s revenue from operations for the financial year ending March 31, 2023 (which is 15 months this year) is Rs 22,210.18 crore.
According to ACC, it has changed the end of its financial year from December to March.
“Hence, the figure for the current year is for fifteen months and is not comparable with the figure for the previous twelve months ending December 31, 2021,” it said.
On the outlook, Mr. Kapoor said ACC’s “long-term competitiveness remains intact, providing us with industry-leading profitability, even as we pursue our growth aspirations. We look forward to continuing our journey of strong performance in the coming quarters.” are assured.” ACC’s board has recommended a dividend of Rs 9.25 per share on equity shares.
Shares of ACC Ltd closed at Rs 1,747.10 on the BSE on Thursday, up 0.51 per cent from its previous close.
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