Cement manufacturer ACC
on Thursday reported healthy Q2 numbers (the company follows January-December Calendar year).
Shares of the company were up 5% intraday.
The company posted a 38.61% rise in its consolidated net profit at Rs455.68cr for the quarter ended 30 June, owing to an improvement in operating performance and sales.
Total revenue from operations was up 7.83% to Rs4,149.82cr during the quarter as against Rs3,848.25cr in the year-ago period.
"Despite subdued cement demand, our strong customer relationships, loyal channel network and range of innovative products have helped us deliver a robust quarter. Our ready mix concrete business grew strongly aided by eight new ready mix concrete plants in this quarter," ACC Managing Director & CEO Neeraj Akhoury said.
During Q2CY19, cement sales volume was flat at 7.2mn tonne. However, the sales volume of ready mix concrete was up 10.38% to 0.85 mn cubic metres from 0.77mn cubic metres earlier.
ACC Ltd is currently trading at Rs1,605.30 up by Rs38.1 or 2.43% from its previous closing of Rs1,567.20 on the BSE.
The scrip opened at Rs1,632.55 and has touched a high and low of Rs1,647.30 and Rs1,586.60 respectively. So far 36,85,318 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs29,430.02cr.