Published on 21/04/2017 4:49:14 PM | Source: Reuters
ACC first-quarter profit beats estimates on higher cement sales volume
India's ACC Ltd, a unit of the world's largest cement maker, Lafargeholcim Ltd, reported a 9 percent fall in its first-quarter net profit, but beat analysts' expectations, helped by stronger cement sales volume.
Consolidated net profit fell to 2.11 billion rupees ($32.67 million) for the quarter ended March 31, from 2.32 billion rupees a year earlier, the company's third profit drop in four quarters. (http://bit.ly/2owUViW)
Total revenue from operations grew 9 percent to 36.31 billion rupees.
Analysts on average were expecting a profit of 1.62 billion rupees, according to Thomson Reuters data.
Sales volume at the company's cement segment rose 4 percent in the quarter as impact from government's move to withdraw high-denomination notes declined, the company said.
($1 = 64.5950 Indian rupees)
(Reporting By Arnab Paul in Bengaluru; Editing by Sunil Nair)