The Hindu Business Line : ACC net climbs to Rs 27.88 cr

Net profit rose to Rs 27.88 crore from Rs 5.12 crore, driven up by a reversal in tax provision, which added a net of Rs 20.95 crore to the bottomline.

Profit before this provision for tax, but after exceptional items, rose 34 per cent to Rs 6.93 crore from Rs. 5.17 crore. The company said this was despite depressed price realisation.

Net sales rose 13.3 per cent to Rs 897.04 crore from Rs 791.32 crore, with volumes up 10 per cent, at 37.22 lakh tonnes.

Operating profit before interest, depreciation and tax for the quarter was 10 per cent higher, at Rs 75.41 crore, the lower price realisation offset by higher sales volumes and reduction in cost.

However, interest rates were higher at Rs 24.27 crore (Rs 22.40 crore). Depreciation too was higher at Rs 44.21 crore (Rs 40.69 crore) due to the commissioning of captive power plants at Tikaria, Madukkarai and Chanda.

For the half-year ended September 30, 2003, the company reported a 189 per cent increase in net profit at Rs 72.02 crore (Rs 24.96 crore).

ACC also reported a 7.9 per cent increase in sales volumes of cement, at 75.75 lakh tonnes, over that of the quarter ended September 30, 2003. Total income during the quarter rose 12 per cent to Rs 1,903.5 crore.

For the first half as a whole, sales were higher, costs reduced and price realisation modestly higher, so that operating profit before interest depreciation, exceptional items and tax was higher, at Rs 216.57 crore (Rs 171.91 crore).

Interests costs, at Rs 49.23 crore were lower by 12 per cent, a result of improved funds management.

The company's outlook with respect to the cement industry is positive, said a company release. Given the robust performance of the housing and infrastructure sectors, the industry is expected to witness better growth, improved demand supply equilibrium and consequently correction and recovery in prices in the coming months, said Mr M.L. Narula, Managing Director, ACC.

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