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ACC Q1 Results: Profit surges 74.16% YoY to Rs 563 crore
ACC Q1 Results: Profit surges 74.16% YoY to Rs 563 crore
Cement major ACC Limited today reported a 74.16 per cent year-on-year (YoY) rise in the consolidated profit to Rs 562.59 crore for the quarter ended March 31, 2021 (Q1 CY21).
Cement major ACC Limited today reported a 74.16 per cent year-on-year (YoY) rise in the consolidated profit to Rs 562.59 crore for the quarter ended March 31, 2021 (Q1 CY21). The company had reported a net profit of Rs 323.02 crore in the same quarter last year. The consolidated revenue for the quarter grew by 22.72 per cent to Rs 4,213.28 crore compared to Rs 3,433.02 crore posted in the year-ago period.
ACC takes its financial year between January and December and CY stands for the current year.
The cement manufacturer's EBITDA grew 46.8 per cent to Rs 860 crore as compared to Rs 586 crore posted last year. The EBITDA margin changed by 3.3 per cent and stood at 20.4 per cent in Q1 CY21 against 17.1 per cent posted in Q1 CY20.
We have demonstrated strong resilience which has been reflected in performance this quarter. We aim to continue driving the four stated strategic priorities: Performance, growth, innovation and sustainability," Sridhar Balakrishnan, Managing Director and CEO.
The company in a statement said, "In the given situation, our priority remains the safety and wellbeing of employees and extended communities. Health, Cost and Cash will continue to be our key focus in the coming quarters.
This quarter, we delivered the highest ever revenue and operating EBIT. Our cost-efficiency project 'Parvat' is on track and has helped in managing some continuing cost headwinds. The grinding unit expansion in Sindri was completed in record time and is fully operational. The execution of our Greenfield growth project in Ametha and associated grinding units is progressing as per plan. Additionally, our efficiency projects such as Waste Heat Recovery are on track.
During this quarter, we launched the green concrete "ECOPact", which is a major milestone in our journey of innovation and sustainability.
Outlook
The Company believes that the Government is taking all possible steps to intensify the vaccination program and control the spread of Covid. With Government's increased spending and its strong focus on infrastructure development, we maintain a cautious yet positive outlook for overall cement demand in the coming months.
