ACC net profit jumps 74% to Rs 562.59 cr

Cement maker ACC Ltd on Monday reported a 74.17% increase in consolidated net profit to Rs 562.59 crore for the first quarter ended March 2021, helped by an increase in sales and cost efficiency.

The company, which follows the January-December financial year, had posted a profit of Rs 323.02 crore in the corresponding quarter a year ago, ACC said.

Total revenue from operations in the January-March quarter was at Rs 4,291.97 crore, up 22.57% from Rs 3,501.71 crore earlier.

"This quarter, we delivered highest-ever revenue and operating EBIT. Our cost-efficiency project 'Parvat' is on track and has helped in managing some continuing cost headwinds," ACC Managing Director and CEO Sridhar Balakrishnan said.

The company's total expenses stood at Rs 3,586.19 crore, up 16.29% as against Rs 3,083.78 crore a year ago.

Revenue from cement segment jumped 26.25% to Rs 3,980.84 crore, compared to Rs 3,153.07 crore earlier.

Cement sales volume rose 21.49% to 7.97 million tonnes (MT) as against 6.56 MT in January-March 2020.

Ready-mix concrete revenue was down 7.71% to Rs 359.78 crore, from Rs 389.83 crore.

Sales volume of ready-mix concrete declined 10.8% to 0.83 million cubic metres.

"We have demonstrated strong resilience which has been reflected in our performance this quarter. We aim to continue driving the four stated strategic priorities: Performance, Growth, Innovation and Sustainability," he said.