ACC reports 19% rise in 4Q14 profit
ACC, India’s second-largest cement manufacturer, reported a 19 per cent jump in profit in the October-December quarter, driven mainly by a substantial tax reversal.
Net profit rose to INR3.26bn in the three months ended 31 December from INR2.75bn a year ago, the company said in a filing to the Bombay Stock Exchange. The tax reversal for the quarter stood at INR1.8435bn against a reversal of INR358.5m in a year ago.
The Holcim group company said net sales increased by three per cent to INR27.62bn from INR26.87bn. Sales volume in 2014 edged ahead slightly at 24.21Mt against 23.93Mt sales volume reported in 2013.
"Based on the present conditions, we see a modest but steady revival for the Indian economy in 2015 leading to some improving trends in all sectors of the economy with a positive impact on demand for cement," the company said in a statement.
The company's mining operations at Chaibasa and Bargarh plants remained temporarily suspended in the December quarter owing to a Supreme Court order. "As per the new mining ordinance of January 2015, we expect these operations to start shortly," it added.
