MUMBAI: ACC Cement more than doubled its profit for the quarter ending December riding on high sales despite headwinds from rising cost of raw materials.
Net profit increased by 126% at Rs 206 crore while operating EBITDA registered a jump of 54% at Rs 443 crore.
The cement business volumes grew by 27% for the quarter as a result of increased focus on premium products and a targeted approach to customers and markets, pushing net sales up by 30% at Rs 3,417 crore since last year.
ACC that follows the January to December fiscal year announced a dividend of Rs 15 per share of Rs 10, amounting to Rs 340 crore including the tax on dividend. The total dividend for the year 2017 (including the interim dividend of Rs 11 per share) amounts to Rs 588 crore.
For the outlook for 2018, ACC expects to benefit from the increased outlay on infrastructure development including roads, railways, highways and irrigation projects and sharp focus on affordable housing segment.
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