Cement maker ACC on Tuesday reported a drop of 40 per cent in its consolidated net profit at Rs 115.21 crore for the quarter ended September 30, hit by sales decline as well as subdued prices.
The company, which follows January to December as its fiscal year, had posted a net profit of Rs 192.60 crore during the same period last year, ACC said in a BSE filing.
Total consolidated income of the cement major also fell marginally to Rs 2,789.82 crore in the July-September quarter from Rs 2,814.46 crore in the same period a year ago. Total expenses were higher at Rs 2,639.99 crore against Rs 2,577.79 crore in the reported quarter. The firm said that cement sales were poor during the July-September quarter and added that the pace of economic revival has been slower than expected.
ACC’s cement sales were down, albeit marginally, to 5.61 million tonnes (mt) in the third quarter from 5.62 mt in the year-ago period.