Mumbai (Maharashtra) [India], Apr 19 (ANI): Cement manufacturer ACC Ltd said on Monday its profit after tax rose by 74 per cent to Rs 563 crore in the January to March quarter as compared to Rs 323 crore in the same quarter of previous fiscal.
The company follows January to December as the fiscal year. Net sales during Q1 FY21 increased by 23 per cent to Rs 4,213 crore as compared to Rs 3,433 crore in Q1 FY20.
The operating earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter was Rs 860 crore as against Rs 586 crore in Q1 FY20, up 47 per cent.
The operating EBIT margin expansion of 450 basis points driven by capex led strong cost actions and higher growth in premium products.
ACC commissioned a large new grinding unit at Sindri industrial township in Dhanbad district of Jharkhand, adding a capacity of 1.4 million tonnes per annum.
"We have demonstrated strong resilience which has been reflected in our performance this quarter. We aim to continue driving the four stated strategic priorities: performance, growth, innovation and sustainability," said Sridhar Balakrishnan, Managing Director and CEO.
"With the government's increased spending and its strong focus on infrastructure development, we maintain a cautious yet positive outlook for overall cement demand in the coming months."
ACC, a member of the LafargeHolcim Group, is one of India's leading producers of cement and ready-mix concrete. It has 6,300 employees, 17 cement manufacturing sites, 79 concrete plants and a nationwide network of over 50,000 retail outlets.