Business

ACC Q1 net profit beats estimate, jumps 38% to Rs 346 crore

Updated : April 23, 2019 06:17 PM IST

Cement maker ACC Ltd on Tuesday reported a 38 percent year-on-year (YoY) jump in net profit at Rs 346 crore for the first quarter ended March 2019.

The company, which follows January-December as a fiscal year, had posted a net profit of Rs 245 crore in the corresponding quarter last year.

CNBC-TV18 Polls had predicted a profit of Rs 315 crore for the quarter under review.

Total consolidated income from operations rose to Rs 3,919 crore in the January-March quarter from Rs 3,625 crore in the same period a year ago.

Net sales during the quarter went up by 8 percent to Rs 3,850 crore compared to Rs 3,557 crore for the same quarter last year. Operating EBITDA for the quarter registered a growth of 8 percent to Rs 532 crore as against Rs 492 crore during the same quarter of the previous year.

"Our three-pronged strategy of customised solutions for consumers, focus on and powering ACC's strong growth trajectory. Our ready mix concrete business has demonstrated consistently strong volume growth quarter after quarter. We are also investing in a pipeline of solutions and products including a portfolio of dry mix products," said Neeraj Akhoury, managing director and chief executive officer.

Ready mix concrete business continued to deliver robust growth as volumes of ready-mix concrete grew strongly at 19 percent and volumes of value-added solutions (VAS) also grew significantly in Q1FY19 YoY, the cement major said.

The company said eight new plants were commissioned in the quarter bringing the total number of ready-mix concrete plants to 80.