Holcim Group company and cement major ACC for the third quarter ended September 30, 2015 reported consolidated net profit of Rs.115.2 crore compared to Rs.192.6 crore for the same period last year, down 40 per cent. (The company follows the calendar year)
Total income during the period has decreased to Rs.2,808 crore from Rs.2,851.4 crore for the same period last year.
On a standalone basis the company reported a net profit of Rs.117 crore compared to Rs.204.9 crore for the same period last year, down 43 per cent.
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Total income decreased to Rs.2,807.7 crore from Rs.2,863.2 crore for the same period last year.
The tepid performance was due to lack of demand for cement as well as due to pricing pressure, the company said.
“With subdued construction activity in most part of the monsoon season, the industry witnessed weak off-take in the July-September quarter. As a result our cement volumes were correspondingly flat. Selling prices were subdued,” the company said in a statement.
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It added that the ready mix business witnessed consistent upward trend.
On the outlook, the company said the pace of economic revival so far has been slower than expected. However, the trend is likely to reverse in the coming few quarters due various steps taken by the government.