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Business News » Companies News

ACC's net profit drop by 20% to Rs 261 crore in Q1FY17

The company's cement sales during Q1FY17 stood at 6.60 million tonne, a marginal rise from 6.36 million tonne in Q1FY16. 

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ACC's net profit drop by 20% to Rs 261 crore in Q1FY17
The operating EBITDA during Q1FY17 dropped to Rs 417 crore. Photo: Pixabay
Written By: ZeeBiz WebTeam
Updated: Fri, Apr 21, 2017
04:50 pm
Mumbai, ZeeBiz WebDesk
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Cement major, ACC on Friday repotred a net profit before tax of Rs 261 crore for the quarter ended on March 31, a drop of 20% as against Rs 326 crore during the same period last year. 

The company's cement sales during Q1FY17 stood at 6.60 million tonne, a marginal rise from 6.36 million tonne in Q1FY16. 

Commenting on the performance of the company, Neeraj Akhoury, Managing Director & CEO, ACC, said, "With the launch of two new products this quarter, we continue to build our specialized building products segment, while investing in new capacity at our Jamul plant which is now fully commissioned and able to meet customer needs in the Eastern region of the country. As the Indian economy gains momentum, we are well positioned to reap the benefits of tax reform, and investments in infrastructure development and affordable housing."

As per the regulatory filing, the company's sales (net of excise duty) in the quarter were Rs 3,108 crore as compared to Rs 2,884 crore in the same quarter of the previous year up by 8%. 

The operating EBITDA during Q1FY17 dropped to Rs 417 crore as against Rs 442 crore in Q1FY16.

Giving the outlook for the coming quarters the company said that with the increased government spending on infrastructure development, housing, roads, railways, irrigation and other schemes as announced in the Union Budget are expected to reinvigorate the construction sector and boost demand for cement and concrete during 2017.

On Friday, the shares of the company closed at Rs 1495 per piece, down 1.15% or Rs 17.40 on BSE. 

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TAGS:
ACCACC CementACC net profitACC financial resultACC Q1 performanceACC Cement salesInfrastructure
RELATED NEWS
ACC, Ambuja Cements, JK Lakshmi Cement – invest at these levels to MAXIMISE gains, expert says ACC, Ambuja Cements, JK Lakshmi Cement – invest at these levels to MAXIMISE gains, expert says
Expert says BUY ACC shares with target price of Rs 2090, stop-loss of Rs 1920 Expert says BUY ACC shares with target price of Rs 2090, stop-loss of Rs 1920
ACC share rated 'buy'; expert says target price Rs 2320, stop-loss Rs 1780 ACC share rated 'buy'; expert says target price Rs 2320, stop-loss Rs 1780
ACC share rated 'buy'; expert says target price Rs 2030, stop-loss Rs 1835 ACC share rated 'buy'; expert says target price Rs 2030, stop-loss Rs 1835
ACC Share Price support at Rs 1690, resistance at Rs 1925, crossing this mark can show Rs 2000 levels, says expert ACC Share Price support at Rs 1690, resistance at Rs 1925, crossing this mark can show Rs 2000 levels, says expert

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