Indian cement major Associated Cement Companies Ltd. said its fiscal second-quarter net profit jumped 154 per cent on year because of a one-time gain from the sale of its refractory business. Net profit for the July-September quarter rose to INR2.04 billion from INR802 million, including a profit of INR1.73 billion from sale of its refractory business, a non-core business which ACC sold in July for INR2.57 billion.
In a notice to the stock exchange, ACC noted that industry sales have risen 10 per cent during the first half of the current financial year started April 1, compared with 6.5 per cent in the same period a year ago. "With the continued emphasis on infrastructure and the housing sector and with a good monsoon in most parts of the country, the industry is expected to do well," it said. ACC added that the cement industry may experience "stable-to-improved cement prices" in future as the country’s economy is expected to grow at over 7% during the current financial year.