Updated January 25th, 2024 at 14:38 IST

ACC profit rises nearly five-fold to Rs 527 crore in December quarter

ACC's revenue from operations rose 8.4 per cent to Rs 4,918 crore from Rs 4,537 crore.

Reported by: Business Desk
Cement | Image:Pexels
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ACC Q3 earnings: Billionaire Gautam Adani backed cement maker ACC on Thursday reported net profit of Rs 527 crore, up 4.79 times from Rs 110 crore during the same period last year. Shares of ACC surged as much as 5.97 per cent to hit an intraday high of Rs 2,369.80 after earnings announcement.

ACC's revenue from operations rose 8.4 per cent to Rs 4,918 crore from Rs 4,537 crore. Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) also known as operating profit advanced  139 per cent to Rs 903.2 and its operating profit margin improved 1,010 basis points to 18.4 per cent from 8.3 per cent in the year ago period.

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Image credit: ACC

"Subsequent to the quarter ended December 31, 2023, the Company has executed a share purchase agreement dated January 08, 2024, with the existing promotors of Asian Concretes and Cements Private Limited ("ACCPL") for acquisition of remaining controlling stake of 55% of the voting share capital of ACCPL for a cash consideration of Rs. 425.96 crore. The Company currently holds 45% equity stake in ACCPL and is treated as Associate entity of the company," ACC said in an exchange filing.

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Its total expenses during the quarter declined 1.51 per cent to Rs 4,283.35 crore as against Rs 4,349.07 crore in the year ago period.

"During the nine months ended December 31, 2023, the Company has commenced commercial production of Clinker with capacity of 3.3 million ton per annum at its integrated Cement plant in Madhya Pradesh. Further, during the quarter ended December 31. 2023, the Company has commenced commercial production of Cement with capacity of 1 million ton per annum at aforementioned integrated cement plant," ACC said.

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As of 2:26 pm, ACC shares traded 5.31 per cent higher at Rs 2,354, outperforming the Sensex which was down 0.89 per cent.

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Published January 25th, 2024 at 14:30 IST