ACC Limited posts net loss of Rs91 crore in Q3; stock slips ~2%

18 Oct 2022 , 12:13 PM

ACC Limited posted a standalone net loss of Rs91 crore for the quarter ended September, compared to a net profit of Rs449 crore a year before, according to a statement.

ACC said in a stock exchange filing that net sales increased 7% yoy to Rs3,910 crore. EBITDA (profits before interest, tax, depreciation, and amortisation) was Rs16 crore compared to Rs712 crore the previous year, owing mostly to a sharp increase in fuel costs, it added.

EBITDA margin was 0.4%, much below analysts’ forecasts of 6%.

According to IBES statistics from Refinitiv, analysts projected a profit of Rs133 crore for the quarter. In the June quarter, the firm had a net profit of Rs222 crore.

According to the business, cement volume increased by 4% y-o-y in the quarter under review, while ready mix concrete volume increased by 10% y-o-y.

ACC is a subsidiary of Adani Cement and one of India’s top cement and ready-mix concrete companies. To service its clients, the firm has 17 production locations, over 83 concrete plants, and a countrywide network of channel partners.

At around 12.16 PM, ACC was trading at Rs2,236.90 per piece, down by 1.45% from its previous closing of Rs2,269.70 on the BSE. The scrip touched an intraday high and low of Rs2,292.25 and Rs2,222.05 respectively.

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