Companies

ACC net triples on one time tax gain; to pay ₹14 dividend

Our Bureau Mumbai | Updated on February 05, 2019 Published on February 05, 2019

Cement company ACC said its net profit for the December quarter more than tripled to ₹732 crore, against ₹206 crore logged in the same period last year, largely due to a tax write-back of ₹501 crore.

Income from operations was up 11 per cent at ₹3,789 crore (₹3,417 crore). The company has announced a dividend of ₹14 a share leading to an outgo of ₹317 crore.

ACC’s cement sales volume was up 9 per cent at 7.5 million tonnes (6.9 mt).

Neeraj Akhoury, Managing Director, said the profit growth was driven by setting priorities on revenue and cost levers, besides improving efficiency and strengthening market approach.

The growth momentum is expected to continue with fresh capacity of 5.9 mt getting added due to a greenfield integrated cement plant at Ametha in Madhya Pradesh going on stream, along with a grinding unit in Uttar Pradesh and the expansion of its Tikaria and Sindri plants, he added.

Published on February 05, 2019
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