ACC Ltd.'s profit rose more than fourfold in the quarter ended December 2023 as operating profit improved.
The Adani Group-owned cement manufacturer's third-quarter net profit rose 375.01% year-on-year to Rs 537.7 crore, according to an exchange filing. The average of analysts' estimates polled by Bloomberg had pegged the net income for the quarter at Rs 377 crore.
ACC Q3 FY24 Highlights (Consolidated, YoY)
Revenue up 8.31% at Rs 4,914.4 crore (Bloomberg estimate: Rs 4,728 crore).
Ebitda up 138.62% at Rs 904.7 crore (Bloomberg estimate: Rs 660 crore).
Margin at 18.4% vs 8.35% (Bloomberg estimate: 14%).
Net profit up 375.01% at Rs 537.7 crore (Bloomberg estimate: Rs 377 crore).
The company held cash and cash equivalent to the tune of Rs 4,282 crore during the period under review, up from Rs 3,634 crore in the previous quarter.
"ACC's financial performance has seen a complete turnaround in the last 12 months. Recent capacity additions have taken the Adani Group's cement capacity to 77.4 MPTA. This will enable volume and revenue growth on a sustainable basis," said Ajay Kapur, chief executive officer at ACC.
Opportunity buy of low cost petcoke will help the company to further optimise fuel costs in the coming quarters, ACC said in its outlook, aiding cost optimisation goals.
Shares of ACC surged as much as 7.3% after the results were declared, slightly cooling off to trade 6.75% higher at 2:42 p.m. The benchmark NSE Nifty 50 was trading 0.92% lower.
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