ACC reported a net profit of Rs. 155 crore for the first quarter of 2012 against Rs. 350 crore in the same period last year.
In a statement, ACC said its manufacturing costs and realisations were affected by a steep rise in the cost of inputs such as coal, fly ash and gypsum.
The company reported a 9 per cent rise in sales volume of 6.72 million tonnes (6.16 million tonnes) and a consolidated turnover of Rs. 3,105 crore (Rs. 2,541 crore) but the profit before tax was lower at Rs. 208 crore (Rs. 481 crore).
The company said that during the quarter, it had recognised an additional depreciation charge of Rs. 341 crore (including Rs. 335 crore relating to earlier years disclosed as an exceptional item).
This is because it changed, with retrospective effect, its method of providing depreciation on captive power plants from ‘straight line' to ‘written down value' method.
The statement said that in the case of the earlier method of depreciation, the net profit would have been Rs. 383 crore instead of Rs. 152 crore reported.
