ACC shares consolidated financial results for third quarter
Published by Emily Thomas,
Deputy Editor
World Cement,
“ACC has recorded solid performance during the quarter through operational excellence and focus on sustainability while meeting customers’ needs. Despite steep increase in fuel costs, our cost efficiency measures under project ‘Parvat’ have enabled us to maintain robust performance.”
“During this period, ACC became the first company in the Indian construction sector to sign the Net Zero pledge – Business Ambition for 1.5°C. It is a commitment towards the 2030 intermediate targets to reduce greenhouse gas emissions, as approved by the Science Based Target Initiative (SBTi). We continue to drive low CO2 products and solutions such as ECOPact, which have performed very well during the last quarter.”
“I am confident that our relentless focus on execution of cost efficiency and capacity expansion projects will enable us to deliver strong shareholder value” said Sridhar Balakrishnan, Managing Director and CEO.
COVID-19 Update
Health, safety and well-being of employees remains ACC’s key priority. Employees, their families and the company’s channel partners actively participated in the vaccination drive. ACC is progressing well on this front with first dose vaccination at 99% and second dose at 91%. Strict adherence to government guidelines and COVID appropriate behaviour are ensured across ACC’s locations. Adequate infrastructure and medical support are made available to ensure safety of employees. The team continuously monitors the situation and takes proactive steps to protect the health of employees and channel partners.
Performance
- Net Sales during the quarter increased to ?3,653 Crore, a growth of 5% vs previous year
- EBIT for the quarter is higher by 10% at ?562 Crore
Outlook
Economic activity is gaining momentum driven by accelerated progress in vaccination drive and reduction in COVID cases. ACC believes that Government impetus on infrastructure and housing will augur well for cement demand in the next quarters. The company is positive that the cement sector would benefit from increasing demand in various sectors such as housing, commercial and industrial construction.
Read the article online at: https://www.worldcement.com/indian-subcontinent/20102021/acc-shares-consolidated-financial-results-for-third-quarter/
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