ACC first-quarter hit by one-time depreciation charge

ACC Ltd Thursday said its January-March net profit fell sharply, hit by a one-time depreciation charge of INR3.35bn.

ACC, a unit of Holcim Ltd, posted a net profit of INR1.52bn, down from INR3.50bn a year earlier.

Sales rose 19 per cent to INR30.15bn from INR25.41bn.

The results were much lower than the market expected. An average of estimates from six analysts polled by Dow Jones Newswires had forecast a net profit of INR4bn.

Without the one-time charge, the net profit could have been close to the forecast number.