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Name | Symbol | Market | Type |
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Acc Gds (Regs) | LSE:AMCD | London | Depository Receipt |
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RNS Number:0604T ACC Limited 24 April 2008 ACC LIMITED Registered Office : Cement House, 121, Maharshi Karve Road, Mumbai - 400 020 UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2008 PROFIT BEFORE INTEREST, DEPRECIATION & EXCEPTIONAL ITEMS DECLINED BY 4.4% SALES VOLUME FOR Q-1 2008 UP BY 9.5 % SALES VALUE FOR Q-1 2008 EXCLUDING RMX UP BY 12.6 % I. The following unaudited accounts of the quarter ended March 31, 2008 which have been subjected to a limited review by the auditors have been reviewed by the audit committee and have been approved by the Board of Directors of the Company at its meeting held on April 24, 2008.The text of this statement was also taken on record. II STANDALONE RESULTS QUARTER ENDED QUARTER ENDED YEAR ENDED 31-3- 2008 31-3- 2007 31-12- 2007 UNAUDITED UNAUDITED AUDITED Rs. Crore Rs. Crore Rs. Crore 1 SALES / INCOME FROM OPERATIONS 2031.45 1858.28 7848.32 LESS: EXCISE DUTY RECOVERED 235.70 183.32 841.15 NET SALES / INCOME FROM OPERATIONS 1795.75 1674.96 7007.17 2 OTHER INCOME i) Dividend 16.77 14.84 41.03 ii) Gain/(Loss) on foreign exchange (Net) (0.78) 2.77 7.32 iii) Other items 48.58 23.63 118.00 iv) Profit on sale of investments 1.05 12.26 12.38 3 TOTAL INCOME (1+2) 1861.37 1728.46 7185.90 4 EXPENDITURE a) (Increase) /Decrease in stock in trade and 48.85 3.47 (6.93) work in progress b) Consumption of Raw materials 196.57 184.50 816.74 c) Purchase of traded Cement & Other Products 27.62 12.79 93.31 d) Employee cost 79.30 73.27 352.73 e) Power & Fuel 328.73 263.09 1194.62 f) Outward Freight charges on Cement etc. 243.49 251.28 944.22 g) Excise Duties (Net) 29.41 40.07 129.17 h) Depreciation 71.35 74.39 305.07 i) Other Expenditure 371.23 339.16 1565.92 Total Expenditure 1396.55 1242.02 5394.85 5 Interest 5.57 17.03 73.87 6 Profit before Exceptional Items and Tax (3) - 459.25 469.41 1717.18 ( 4+5) 7 EXCEPTIONAL ITEMS ( Refer Note 4) a) (Profit) / Loss on sale of land and 0.29 - (201.43) undertakings / business b) Profit on sale of investments in subsidiary / associates (36.86) (7.70) (11.68) 8 Profit from ordinary activities before tax 495.82 477.11 1930.29 (6-7) 9 Tax Expenses ( including Fringe Benefit Tax) 138.28 121.46 491.70 10 Net Profit for the period (8-9) 357.54 355.65 1438.59 -2- QUARTER ENDED QUARTER ENDED YEAR ENDED 31-3- 2008 31-3- 2007 31-12- 2007 UNAUDITED UNAUDITED AUDITED Rs. Crore Rs. Crore Rs. Crore 11 Paid-up Equity Share Capital 187.84 187.57 187.83 ( Face value per share Rs.10 ) 12 Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year - - 3964.78 13 Basic Earnings per Share Rs. 19.06 18.99 76.75 Diluted Earnings per Share Rs. 19.00 18.90 76.45 ( EPS for quarter not annualised ) 14 Public shareholding Number of Shares 10,70,02,916 11,60,94,471 10,69,92,337 Percentage of Shareholding 57.03% 61.96% 57.02% Notes: 1) With effect from January 1, 2008 the Company transferred its Ready-Mix Concrete business to its wholly-owned subsidiary- ACC Concrete Limited.- for a consideration of Rs.100 crore, which is subject to adjustment on finalisation of the net assets transferred. Consequent to the transfer of this business, the Company has only a single segment comprising its cement operations. Further, the results for the quarter are not strictly comparable with those of the corresponding previous period. 2) For the quarter ended March 31, 2008, ACC Concrete Limited has reported net sales of Rs.124.32 crore and net loss of Rs.19.98 crore . 3) The State of Uttar Pradesh introduced Value Added Tax effective from January 1, 2008 which has resulted into net sales being lower by Rs. 27.56 crore for the quarter ended March 31, 2008. The Company has made a representation to State of Uttar Pradesh for continuation of existing sales tax benefit instead of deferral scheme under new law. 4) Exceptional Item 7 for the quarter comprises: (a) Loss of Rs.0.29 crore on divestment of Ready-Mix Concrete business, and (b) Profit of Rs.36.86 crore arising on the disposal of the investment in the Company's wholly-owned subsidiary, ACC Machinery Company Ltd. 5) Subsequent to the quarter-end, the Company has purchased 4,08,001 equity shares- representing 40% of the equity of - Alcon Cement Company Pvt. Ltd.(' ALCON' ) for a consideration of Rs 22.25 Crore. ALCON has a cement grinding facility situated at Goa. The Company has an arrangement for trading cement produced by ALCON since last several years. 6) For the year ended December 31, 2007 the Company had recognised an additional depreciation charge arising from a change in the rates of depreciation for certain Cement Grinding plants. The depreciation and profit before tax for the quarter ended March 31, 2007 are restated by Rs.12.27 crore to reflect such depreciation relating to that quarter. 7) Figures for the previous period have been restated / reclassified wherever necessary to conform to the current period's presentation. 8) There were no investor complaints outstanding at the beginning of the quarter. During the quarter, twenty six complaints were received and twenty five complaints were resolved. One complaint was pending as at the end of the quarter. ( Sumit Banerjee ) MANAGING DIRECTOR Mumbai - April 24, 2008 This information is provided by RNS The company news service from the London Stock Exchange END QRFEALLLAFSPEFE
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