Cement maker ACC on July 27 said that its consolidated net profit more than doubled to Rs 466.1 crore for the quarter ending in June 2023, led by volume growth.
The company had posted a net profit of Rs 227 crore in the year-ago period.
Revenue from operations stood at Rs 5,201.1 crore in the quarter under review, a significant increase from Rs 4,468 crore in the same period last year.
The net profit and revenue have outperformed the analyst estimates.
Analysts had projected that the cement manufacturer was anticipated to achieve a 61 percent growth in consolidated net profit on a yearly basis in Q1FY24, amounting to Rs 358 crore. As per the average of three brokerage estimates by Moneycontrol, the cement maker is likely to witness a 51 percent sequential growth in profit after tax.
Revenue was expected to come in at Rs 4,729.7 crore for the quarter under review.
Further, ACC maintained its market leadership across key markets. EBITDA (Earnings Before Interest Tax Depreciation and Amortization) surged 77 percent YoY to Rs 848 crore in Q1FY24, and EBITDA margin expanded to 16.3 percent from 10.7 percent YoY.
"The growth was driven by robust demand for high quality cement products across all markets, as well as our continuous efforts to optimize operations and reduce environmental impact," said Ajay Kapur, Whole Time Director & Chief Executive Officer, ACC Ltd.
The cement maker believes the industry is in positive cycle of demand as well as cost factors. It expects the positive trend of industry to continue in the coming quarter.
Meanwhile, shares of ACC on July 27 closed 1.14 percent higher at Rs 1,944 apiece on BSE ahead of the June earnings.
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