By IANS,
Mumbai : Cement major ACC Thursday reported a drop in net profits for the quarter ended March 31 and attributed the under performance to non-availability of railway wagons.
ACC follows a January-December fiscal year.
The company’s net profit for the first quarter was at Rs.392.88 crore, down 1.6 percent from the corresponding previous period, while sales fell 2.6 percent at 5.58 million tonnes.
“During the quarter, several of our cement units faced despatch constraints due to non-availability of railway wagons, as a result of which our sales volume were near flat. But we were able to register some increase in sales turnover, driven by price improvements in a few regions,” ACC said in a stock exchange filing.
Turnover, however, saw a modest 3.5 percent rise owing to price improvements in a few regions.
The stock was trading at Rs.1,720 in the afternoon trade, down 1.12 percent from its previous close.