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ACC, an Holcim group company, has reported a 19-per cent drop in March quarter net profit at ₹310 crore (₹383 crore) due to lower production volume.
Sales during the quarter were down 3 per cent at ₹2,886 crore (₹2,967 crore).
The company’s cement production was down 10 per cent at 5.82 million tonnes (6.48 mt).
It has made a provision of ₹164 crore during the quarter for fixed asset impairment while the company registered an additional income of ₹140 crore as it won a favourable order from the Jharkhand High Court on the incentive, which was provided by the State government between August 2005 and March 2015 and later denied.
The overall cement sales were down due to slack demand from infrastructure and general construction sectors.
Despite the company’s focus to cut cost, expenses on freight and power were up at ₹680 crore (₹654 crore) and ₹622 crore (₹588 crore).
On Monday, the company’s shares closed at ₹1,594.60, down 2.38 per cent, on the BSE.
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