ACC, part of Swiss cement major, Holcim, on Friday reported a net profit of Rs.438.29 crore for the first quarter of calendar 2013 against Rs.151.55 crore in the same period in the previous year. However, in a statement, the company said that the net profit was higher by Rs.287 crore as it had recognised additional depreciation charge of Rs.335.38 crore in the first quarter of 2012 and due to a write-back of tax provision of Rs.140.83 crore during the first quarter of 2013.
ACC’s consolidated turnover for the quarter was lower at Rs.2,911.11 crore against Rs.2,997.93 crore and operating profit by 24 per cent at Rs.491.57 crore against Rs.647.65 crore.
ACC scrip opened at Rs.1,256.35, scaled a high of Rs.1,274.55 before closing at Rs.1,229.8 on the BSE down Rs.19.55 or 1.56 per cent.
Ambuja Cement, belonging to Swiss cement major, Holcim, on Friday announced a 56.3 per cent increase in its net profit for the first quarter of calendar 2013 at Rs.488 crore against Rs.312 crore.
The company, in a statement, attributed the higher profit to an exceptional item representing additional depreciation charge of Rs.279 crore in the corresponding previous quarter and a write-back of income tax provision of Rs.117 crore in the first quarter of 2013. All other reported parameters were lower than the same period last year. Operating profit was down 27.8 per cent at Rs.553 crore.
“At present, the cement industry is facing subdued demand on account of continuing economic slowdown in an environment of overcapacity, realisation are under pressure,” Onne van der Weijde, Managing Director, said in the statement.
The company’s scrip opened on the Bombay Stock Exchange at Rs.191.9, moved to a high of Rs.194.95 before closing at Rs.188.2.
Heidelberg Cement India on Friday reported a 80.75 per cent dip in net profit for the January-March quarter at Rs.2.2 crore on higher input freight costs.
The company had reported a Rs.11.43 crore net profit in the corresponding quarter of the previous fiscal, it said in a BSE filing. Total income, however, rose to Rs.370.43 crore from Rs.287.69 crore.