ACC reported a higher-than-expected third-quarter profit on Thursday, helped by price hikes and strong demand for construction materials.
The Adani Group-owned company’s profit after tax surged nearly five-fold to 5.27 billion rupees ($63.4 million) in the three months ended Dec. 31.
“Opportunity buy of low-cost petcoke will help to further optimise fuel costs in the coming quarters,” the company said in a statement.
Cement makers have also been benefitting from a demand surge from the housing and infrastructure sectors, further aided by the government’s spending push.
Shares of ACC rose 10 % and reached 52 week high after results on Thursday.
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Published: 25 Jan 2024, 03:18 PM IST