ACC’s Q1 consolidated net profit up 18%

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MUMBAI: Cement and ready mixed concrete manufacturer ACC on Wednesday reported an increase of 18.48 per cent in its consolidated net profit for the quarter ended March 31, 2018.

According to the company, its net profit during the quarter under review rose to Rs 250 crore from Rs 211 crore reported for the corresponding period of the previous fiscal.

“ACC’s financial performance in Q1 ended March 31, 2018 reflects strong volume growth momentum powered by our focused approach to innovation, operational improvements and customised solutions for consumers,” said Neeraj Akhoury, Managing Director and CEO, ACC.

“We are on a clear growth trajectory to deliver strong returns to our shareholders.”

The company’s net sales during the quarter went up by 14 per cent to Rs 3,557 crore compared to Rs 3,108 crore for the same quarter last year.

“A rise in energy and slag prices adversely impacted operating costs during the current quarter as compared to the same quarter a year ago,” the company said in a statement.

“Despite a challenging external environment, cost savings were achieved through sustained improvement in operational efficiencies, optimisation and robust control on fixed costs.”

According to the company, increased government spending on infrastructure development including roads and railways, housing and other schemes announced in the Union Budget are expected to “reinvigorate the construction sector and boost demand for cement and concrete during 2018”.

Source: IANS