Ahmedabad: Cement maker ACC Ltd on Thursday reported a decline of 40.53 per cent in its consolidated net profit at Rs. 235.66 crore for the quarter ending March 2023. The company had posted a profit of 396.33 crore in the January-March quarter a year ago, said ACC, now a part of Adani Cement, in a BSE filing. Its total revenue from operations during the quarter under review was at Rs. 4,790.91 crore, up 8.23 per cent, as against Rs. 4,426.54 crore in the corresponding period a year ago. ACC’s total expenses were at Rs. 4,514.38 crore, up 14.10 per cent. Its sales volume (Cement & Clinker) was at 8.5 million tonnes, up 7.6 per cent as against the January-March quarter of the last fiscal.
ACC whole-time Director and CEO Ajay Kapur said: “Our transformation journey fuelled by sizeable operational efficiencies, improved synergies and business excellence has led to substantial improvement in our financial performance and overall business indicators.”
“We have a detailed blueprint on each of the cost factors and initiatives to reduce and improve. This along with the capex programme will position the company back into growth momentum synonymous with its legacy,” he said.
ACC’s revenue from operation for the financial year ended on March 31, 2023 (which is for 15 months this year) is at Rs. 22,210.18 crore. According to ACC, it has changed its financial year end from December to March. “Therefore, the figure for the current year is for fifteen months and not comparable with the figures for the previous twelve months year ended December 31, 2021,” it said.
Over the outlook, Mr Kapur said ACC’s “long-term competitiveness remains intact, giving us industry-leading profitability, even as we pursue our growth aspirations. We are confident of continuing our journey of strong performance in the coming quarters.” The board of ACC has recommended a dividend on equity shares at ₹ 9.25 per share.
