Adani Group-owned cement major, ACC, on Thursday posted a 375% rise in its third quarter profits, backed by strong demand for construction materials as well as price hikes. The company posted Rs 527 crore profit after tax during the third quarter of FY 2023-24.
Ajay Kapur, whole time director and CEO, ACC, said, “The company’s financial performance has seen a complete turnaround in the last 12 months.Recent capacity additions have taken the Adani Group‘s cement capacity to 77.4 MPTA. This will enable volume and revenue growth on a sustainable basis.”
The company’s revenue from operations stood at Rs 4,918.34 crore during the quarter under review, up 7.44% from Rs 4,577.66 crore in the corresponding quarter of FY 2022-23.
Following the results, ACC’s share price stood at Rs 2,477.8 a piece on the BSE on Thursday as the markets closed.