ACC posts net loss of Rs 87.32 cr in Sept quarter, sale grows 7% to Rs 3,910 cr

Cement maker ACC Limited on Monday reported a consolidated net loss of Rs 87.32 crore for the quarter ended September 30, 2022, but its sale grew by 7 per cent to Rs 3,910 crore as compared to the same quarter last year.
 
The company had posted a profit of Rs 450.21 crore in the same quarter a year ago, it said in a BSE filing.
 
ACC, which follows January-December financial year, said that total revenue from operations during the quarter was at Rs 4,057.08 crore compared as against Rs 3,812.31 crore in the year-ago period. Its volume grew by 4 per cent as compared to the same quarter last year and that ready mix concrete performed well with a growth of 10 per cent over the same quarter in 2021.
 
The cement company, which was recently acquired by Adani Group, recorded net sales of Rs 3,910 crore as compared to Rs 3,653 crore in the same quarter last year. Its EBITDA stood at Rs 16 crore largely due to a steep rise in fuel cost, the company said.
 
ACC CEO and Whole Time Director B Sridhar said that the post-monsoon quarter will see the traditional rebound for the cement sector, including for his company. ACC, he said, had significant cost pressures in the recent past due to steep fuel price rises. "However, the recent cooling off in energy costs will impact us positively in the coming quarters," he added.
 
“During the quarter, ACC recorded strong growth in RMX volume of 10 per cent and RMX business remains a huge growth engine for the future. We have aggressive growth plans and our capacity expansion initiative through our new green field projects at Ametha is progressing well and is expected to be commissioned by March 2023,” Sridhar said.
 
ACC Limited is a part of Adani Cement and one of India's leading producers of cement and ready-mix concrete.