Published on 17/07/2017 4:51:47 PM | Source: IANS
ACC`s April-June quarter consolidated net profit up 33%
Cement and ready mixed concrete producer ACC on Monday reported an increase of 32.6 per cent in its consolidated net profit for the second quarter (Q2) of 2017.
The net profit rose to Rs 326 crore from Rs 246 crore reported for the second quarter of last year.
Besides, the company's consolidated sales turnover (net of excise duty) rose 17.8 per cent to Rs 3,329 crore in April-June 2017 from Rs 2,827 crore for the corresponding period of last year.
"The direction for both cement and ready-mix businesses has been to harness current strengths and develop new competencies which resulted in the launch of new brands and sharpened the plant performances," Neeraj Akhoury, Managing Director and Chief Executive Officer (CEO), was quoted as saying in a statement.
"We are confident about the prospects for our company. ACC aims to be the preferred partner for projects supporting government priorities of infrastructure, affordable housing and building smart cities."
In addition, the company said that it expects upward trajectory in cement demand supported by the prospects of a normal monsoon.
"Growing momentum in the launching of smart cities and urban infrastructure development and housing projects, together with the implementation of GST will also bring growth opportunities for the sector," the statement said.
ACC is a member of the LafargeHolcim group of companies.