ACC Q2 net profit up to two times at Rs 569 cr; turnover up 49% to Rs 3,885 cr
Cement maker ACC Ltd on Monday reported a consolidated net profit of more than twice to 569.45 crore rupees for the second quarter ended June 2021, helped by a weaker base, higher sales and profitability.
The company, which tracks the January-December fiscal year, had recorded a profit of Rs 270.95 crore in the April-June quarter a year ago, ACC said in a BSE filing.
The company, a subsidiary of Swiss building materials group Holcim (formerly LafargeHolcim), reported operating income of Rs 3,884.94 crore in the quarter, up 49.29% from 2,602 , 24 crore rupees a year ago.
ACC Managing Director and CEO Sridhar Balakrishnan said, “ACC performed very well this quarter. By placing a strong emphasis on supply chain efficiency and cost optimization, the business has become stronger and more resilient. Heat recovery system projects at various sites are progressing. good.”
Total spending rose 40.97% to Rs 3,175.47 crore, from Rs 2,252.62 crore earlier.
Cement revenue rose 43.96% to Rs 3,672.31 crore from Rs 2,550.99 crore in the corresponding quarter of the previous year.
Cement sales volume jumped 43.7% to 6.84 million tonnes (MT) from 4.76 MT in April-June 2020.
Revenues from ready-mixed concrete quadrupled to Rs 255.08 crore from Rs 62.23 crore.
For the first half of 2021 (January to June), ACC Ltd’s consolidated net profit increased 90.59% to Rs 1,132.04 crore from Rs 593.97 crore a year ago.
Operating income rose 33.96% in Jan-June 2021 to Rs 8,176.91 crore from Rs 6,103.95 crore.
As for the outlook, Balakrishnan said he strongly believes in the resilience of the Indian economy as it continues to cope with the impact of COVID-19.
“Demand is expected to recover strongly supported by increased government spending on large-scale infrastructure projects, which bodes well for the cement sector. We believe we are well positioned to capitalize on the momentum. growth over the coming period, ”he said.
Sharing updates on COVID-19, ACC said it encouraged its employees, their families and communities to actively participate in the vaccination campaign.
“Adequate infrastructure and medical support are available to keep our employees safe. Our team is constantly monitoring the situation and taking proactive measures to ensure the health and safety of our employees and communities,” he said. -he declares.
Shares of ACC Ltd settled at Rs 2,150.65 on BSE on Monday, up 1.01% from the previous close.
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