Cement giants ACC Ltd and Ambuja Cement failed to meet analysts' expectations for their quarterly results, mainly because of persistent sluggish market conditions and lower realizations.
ACC on Wednesday reported a decline of more than 50 per cent in its net profit for the July to September quarter of this year. The company said that it generated a net profit of Rs 119 crore in the September quarter of this year, as against Rs 241.9 crore in the corresponding quarter of last year.
ACC, the country's second-largest cement maker, on Thursday swung to a flat net profit in the March quarter, triggered by marginal jump in sales.
The company revealed to have grabbed a net profit of Rs 405.1 crore in the March quarter compared to Rs 404.8 crore reported in the year-ago period.
While, its standalone net sales marked a climb touching Rs 2,101 crore versus Rs 2,055 crore, the previous year.
The consolidated net profit stood at Rs 393 crore rising 1.6% in the March quarter.
ACC, India’s foremost manufacturer of cement and concrete has rolled out operations at it’s newly built Rs 350—crore Greenfield plant at Thondebhavi in Karnataka on Saturday. The new plant would help it to achieve its manufacturing targets of 8.8 million tones per year in the State.
ACC, the domestic cement major, has informed that its consolidated net profit has witnessed a robust 85% jump to Rs 471 crore for the quarter ended June 30 on the back of strong demand for cement and firm pricing scenario in the cement industry.
The company had posted consolidated net profit of Rs 255 crore in the previous year corresponding quarter.
Country’s major cement manufacturer ACC has announced that it is proposing to build hydropower projects from renewable sources with the aim to cut its power costs.
Currently, the company is exploring hydropower projects, which are accessible for acquisition.
The source close to the company said that this would probably be the first time for a cement company to go for a hydel project. ACC, a part of the Swiss cement giant Holcim, has also bid for a hydropower project of 13-Mega Watt in Himachal Pradesh in an open tender with the state government.