The Hindu Business Line : ACC second quarter net profit climbs 82 per cent

"Additional income in the form of reversal of entry tax in Bihar as a result of a favourable Supreme Court judgment, amounting to Rs 17.99 crore, a powerful management of costs through improved efficiency, and better operating margins helped pull up profits," said Mr A.K. Jain, whole-time Director, ACC.

Net profit for the quarter amounted to Rs 78.56 crore, as against Rs 27.88 crore during the corresponding quarter of the previous year.

Net sales rose 18 per cent, to Rs 885.28 crore (Rs 749.74 crore) while total sales rose 19 per cent, to Rs 918.96 crore (Rs 774.89 crore). Volume sales were nearly constant, at 37.3 lakh tonnes (37.23 lakh tonnes), with higher income coming from better price realisation, said Mr Jain.

The impact of increase in input costs were partly neutralised through increased operational efficiencies, said a news release from the company. Total expenditure thus rose only 5.1 per cent, to Rs 735.4 crore (Rs 699.28 crore).

Profit before interest, deprecation, exceptional items and tax for the quarter was higher by 143 per cent, at Rs 183.56 crore (Rs 75.41 crore).

The operating margin stood at 20 per cent, said Mr Jain.

Interest costs, too, came down, and were lower by 18 per cent, at Rs 19.66 crore (Rs 24.27 crore). Depreciation was marginally higher, at Rs 44.42 crore (Rs 44.21 crore). Profit before tax was higher by 17 times, at Rs 119.48 crore (Rs 6.93 crore).

For the first half of the fiscal, the company reported a 122 per cent increase in profit at Rs 159.79 crore (Rs 72.02 crore).

Total income was higher by 16 per cent, at Rs 1,856 crore (Rs 1,603.37 crore). The consolidated results for the group showed a net profit of Rs 80.2 crore for the quarter under consideration (Rs 29.81 crore) and total sales of Rs 954.26 crore (Rs 811.33 crore).

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