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Journalism of Courage
ACC Ltd,India’s largest cement maker,posted on Wednesday a better-than-expected 23 per cent rise in quarterly profit on strong sales volumes.
ACC,46-per cent owned by Switzerland’s Holcom,said consolidated net profit for the March quarter rose to Rs 3.99 billion from Rs 3.24 billion a year ago.
Standalone net profit was Rs 4.05 billion.
Consolidated sales rose 14 per cent to Rs 21.64 billion,buoyed by rise in demand from rural areas and large constructions.
A Reuters poll of 15 brokerages had estimated net profit of Rs 3.4 billion on net sales of Rs 20.5 billion.
India’s cement industry,the world’s second largest,has seen demand reviving in the past few months despite a slowing economy,but margins have narrowed on high raw material costs and steady prices.
