Associated Cement Companies Ltd (ACC) India has recorded a 137.8 per cent increase in net profit at Rs 53 crore for the third quarter ended December 31, 2004 as compared to Rs 22.32 crore for the same quarter last fiscal. Total income rose by 24.83 per cent to Rs 987.61 crore from Rs 791.17 crore during the third quarter review period. A company statement issued here said that the interest cost for the third quarter ended December 2004, is higher by 19 per cent to Rs 27.28 crore over the corresponding period last year, due to acquistion of 75 mw captive power plant (CPP) at Wadi from Tata Power Company Ltd. Meanwhile, the group recorded a 129.74 per cent increase in its consolidated net profit at Rs 53.3 crore for the third quarter of 2004-05 against Rs 23.2 crore for the same quarter last fiscal. Total income of the group also rose to Rs 1,053.97 crore from Rs 845.7 crore during the third quarter review period. Total income for consolidated results includes shares of earnings of associates.
The ACC statement said that the increase in price of coal, gypsum, diesle and freight put pressure on cost which was partly neurtalised through improved operating efficiencies. The modernisation project at Chaibasa including installation of a 15mW captive power plant and augmenting of grinding capacity at Gagal are progressing as per schedule, the statement added. On the outlook of the cement industry, the company statement said that the industry has posted a growth of seven per cent for nine months ended December 31, 2004 as compared to 5.3 per cent in the corresponding period of the previous year. With the continued growth in housing sector and higher emphasis on rural, urban infrastructure, the cement industry is expected to maintain its growth momentum during the remaining period of the year.