ACC, one of the leading cement makers, on Friday disclosed a drop in consolidated net profit for the quarter ended June 2015. During the quarter, the profit of the company declined 45.11% to Rs 1,334.60 million from Rs 2,431.50 million in the same quarter last year.
Revenues for the quarter declined marginally 1.46% to Rs 30,152.90 million, compared with Rs 30,598.50 million for the prior year period.
Operating EBITDA declined in this quarter to 3,351.60 million from Rs 4,521.20 million in the second quarter of 2014.
Earnings per share for the quarter stood at Rs 7.09, registering 45.12% decline over previous year period.
The company expects demand for cement to pick up gradually over the next couple of quarters, with the government's increasing focus on infrastructure development as well as on the promising new projects of Smart Cities and Housing For All.
"Interest rates are expected to soften further in the coming months, which may translate to increased participation by retail home buyers. Meanwhile, we will maintain the thrust on controlling costs and emphasis on market oriented initiatives," the company said.
The Board of Directors at its meeting today approved an interim dividend of Rs 11 equity share of Rs 10 each as compared to the interim dividend of Rs 15 equity share paid in 2014.
Shares of the company declined Rs 39.65, or 2.67%, to trade at Rs 1,444.45. The total volume of shares traded was 30,823 at the BSE (10.23 a.m., Monday).