ACC Q4 profit rises 10% to Rs 275.7 cr on tax write back

According to CNBC-TV18 poll, analysts on an average had expected profit of the company at Rs 180 crore on revenues of Rs 2,750 crore for the quarter.

The company also missed expectations on volumes front that led to lower-than-expected topline during the fourth quarter of CY13. Derived sales volume dropped 2 percent Y-o-Y to 5.85 million tonne as against 5.94 million tonne while the forecast was close to 6 million tonne. However, a 2 percent growth in realisation was slightly positive.

The company has a tax write back of Rs 35.85 crore as against tax expenses of Rs 40.13 crore while interest cost declined to Rs 12 crore from Rs 27 crore during the same period. Other income fell to Rs 42.47 crore from Rs 65.95 crore year-on-year.

Operational performance was very weak in the quarter ended December 2013. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 16.8 percent to Rs 263 crore and margin slipped 190 basis points to 9.8 percent compared to same quarter last year as against analysts' expectations of Rs 300 crore and margin of 10.9 percent.

EBITDA per tonne dropped 15 percent to Rs 449 compared to same quarter last year.

RMC business

This business turned EBIT positive in the quarter gone by and realisation grew 2 percent sequentially as well as on yearly basis.

Earnings before interest and tax stood at Rs 71 lakh as against loss of Rs 5.7 crore while revenue from RMC business increased 27 percent year-on-year to Rs 174 crore during the quarter.