The Hindu Business Line : ACC fourth quarter net up 80 pc

AIDED by better realisations as well as better sales volumes, ACC has reported a net profit of Rs 105.9 crore for the quarter ended March 31, 2004, 80 per cent higher than the net profit of Rs 58.72 crore reported during the corresponding quarter of the previous year.

The company board has recommended a dividend of Rs 4 per share for the financial year 2003-04.

Cement sales rose 11 per cent to 4.04 million tonnes, year-on-year, during the quarter.

Total income increased 32 per cent to Rs 1,040.07 crore (Rs 789.72 crore).

Operating efficiencies neutralised the increase in price of coal, gypsum, diesel and freight during the quarter, with profit before interest depreciation, exceptional items and tax amounting Rs 212.53 crore, 69 per cent higher than the corresponding year-ago figure. Interest cost was higher by one per cent and depreciation higher by 11 per cent on account of commissioning of captive power plants at Tikaria, Madukkarai and augmentation of grinding capacity at Tikaria.

The annual net profit for the year ending March 31, 2004, rose 93 per cent to Rs 200.24 crore (Rs 103.89 crore).

EBIDTA amounted Rs 533.92 crore (Rs 403.61 crore), interest cost was lower by 10.6 per cent over the previous year's figures; and depreciation higher at Rs 176.85 crore (Rs 164.56 crore). Sales were higher by 9 per cent during the year at 15.25 million tonnes as compared to 13.95 million tonnes the previous year.

Total income was higher by 16 per cent at Rs 3,435 crore (Rs 2,790 crore).

The consolidated results for the company for the year show net profit at Rs 220.13 crore (Rs 200.24 crore).

The cement industry recorded a growth rate of only 5.5 per cent for 2003-04, while it had grown 8.5 per cent in the previous year. However, the company posted higher growth.