Indian cement company, ACC Cement, has announced a capital expenditure plan of INR6 billion (US$92.5 million) for the coming financial year, which begins in April, the company said at its annual general meeting.
Neerah Akhoury, the company’s CEO and Managing Director, said the money would be used for various projects, but did not give specifics.
In February, ACC announced net cement sales were down in 2016 from 23.62 million t to 22.99 million t. Despite this, the company reported a growth in profits of 2.9% as efficiency and cost-cutting measures compensated for the fall in sales volumes.
ACC was also positive on the outlook for 2017, welcoming budget measure to increase spending on infrastructure, housing, roads, railways and irrigations. These measures are expected to “reinvigorate the construction sector soon as boost demand for cement and concrete,” the company said.
Ratings agency, ICRA, recently said that a revival in infrastructure spending may help cement demand to grow by around 4 – 5 % in the next financial year, after a flat year in FY2016-17.
Read the article online at: https://www.worldcement.com/indian-subcontinent/31032017/acc-plans-capex-spending-on-positive-outlook/
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