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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 : 8102Z ACC Limited 24 July 2008 ACC LIMITED Registered Office : Cement House, 121, Maharshi Karve Road, Mumbai - 400 020 UNAUDITED CONSOLIDATED AND STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2008 CONSOLIDATED PROFIT AFTER TAX FOR Q-2, 2008 DOWN BY 26.92 % AT Rs. 25,508 LAKHS CONSOLIDATED SALES VOLUME FOR Q-2, 2008 DOWN BY 1.3% CONSOLIDATED SALES VALUE FOR Q-2, 2008 UP BY 1.52 % INTERIM DIVIDEND 100% I. The following unaudited accounts of the quarter ended June 30, 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 July 24, 2008.The text of this statement was also taken on record. II CONSOLIDATED RESULTS QUARTER ENDED QUARTER ENDED SIX MONTHS ENDED SIX MONTHS ENDED YEAR ENDED 30-06- 2008 30-6- 2007 30-06-2008 30-06-2007 31-12- 2007 UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs 1 SALES / INCOME FROM OPERATIONS 215,862.00 213,113.18 428,903.60 401,087.13 791,597.79 LESS: EXCISE DUTY RECOVERED 23,850.88 23,985.36 47,244.63 42,490.80 84,855.19 NET SALES / INCOME FROM OPERATIONS 192,011.12 189,127.82 381,658.97 358,596.33 706,742.60 2 OTHER INCOME i) Dividend 981.56 801.70 1,933.26 1,693.96 3,542.69 ii) Gain/(Loss) on foreign exchange (Net) 57.89 357.12 (20.11) 617.21 732.45 iii) Interest Income 965.11 1,468.61 2,506.92 2,734.49 4,993.00 iv) Other items 2,654.58 2,564.28 5,767.34 3,285.31 6,669.45 v) Profit on sale of investments 0.39 0.03 105.39 1,226.99 1,238.11 3 Share of Earnings of Associates 70.70 - 70.70 17.55 17.55 4 TOTAL INCOME (1+2+3) 196,741.35 194,319.56 392,022.47 368,171.84 723,935.85 5 EXPENDITURE a) (Increase) /Decrease in stock in trade (5,379.34) 4,345.71 (437.12) 4,772.62 117.00 and work in progress b) Consumption of Raw materials 29,677.84 22,219.99 55,062.74 41,758.49 84,851.85 c) Purchase of traded Cement & Other 3,038.90 2,847.21 6,754.85 4,126.21 9,331.20 Products d) Employee cost 10,493.20 9,199.68 19,216.53 16,640.63 35,656.81 e) Power & Fuel 40,120.06 28,811.54 73,073.45 55,289.60 119,863.00 f) Outward Freight charges on Cement etc. 25,951.52 25,842.84 50,180.35 50,789.96 93,790.39 g) Excise Duties (Net) 3,974.26 2,528.17 7,220.38 6,534.59 12,924.52 h) Depreciation 7,724.18 7,355.86 15,546.31 14,995.64 31,301.84 i) Other Expenditure 43,995.20 39,003.81 84,374.36 72,660.23 157,092.50 Total Expenditure 159,595.82 142,154.81 310,991.85 267,567.97 544,929.11 Interest 1,082.01 1,308.43 1,639.06 3,032.62 7,430.00 6 Minority Interest (7.56) 33.91 (13.34) 46.18 18.92 7 8 Profit before Exceptional Items and Tax 36,071.08 50,822.41 79,404.90 97,525.07 171,557.82 (4)-(5+6+7) 9 EXCEPTIONAL ITEMS (Refer Note 2) a) (Profit) / Loss on sale of land (1,228.82) - (1,228.82) - (20,143.00) b) (Profit) / Loss on sale of divestment - - (3,026.03) (590.71) (841.71) of subsidiary/associates 10 Profit from ordinary activities before 37,299.90 50,822.41 83,659.75 98,115.78 192,542.53 tax (8-9) 11 Tax Expenses ( including Fringe Benefit 11,792.27 15,920.09 25,721.25 28,195.94 49,808.88 Tax) 12 Net Profit for the period (10-11) 25,507.63 34,902.32 57,938.50 69,919.84 142,733.65 -2- QUARTER ENDED QUARTER ENDED SIX MONTHS ENDED SIX MONTHS ENDED YEAR ENDED 30-06- 2008 30-6- 2007 30-06-2008 30-06-2007 31-12- 2007 UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs 13 Paid-up Equity Share Capital 18,785.58 18,759.00 18,785.58 18,759.00 18,783.00 ( Face value per share Rs.10 ) 14 Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year 397,444.00 15 Basic Earnings per Share Rs. 13.59 18.63 30.88 37.32 76.16 Diluted Earnings per Share Rs. 13.56 18.55 30.81 37.17 75.85 ( EPS for quarter and six months not annualised ) 16 Public shareholding Number of Shares 9,95,54,922 10,65,50,829 10,65,50,829 10,60,93,777 9,95,54,922 Percentage of Shareholding 53.05% 56.86% 53.05% 56.86% 56.55% Notes: 1) The Consolidated financial results are prepared in accordance with the Accounting Standard (AS) 21"Consolidated Financial Statements" and (AS) 23 " Accounting for Investments in Associates in Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India. 2) Exceptional Item 9 comprises: (a) Profit on disposal of land of Rs. 1228.82 Lakhs for the quarter ended June 30, 2008, and (b) Profit on disposal of the investment in the Company's wholly-owned subsidiary, ACC Machinery Company Ltd. of Rs. 3026 Lakhs for the Six months ended June 30, 2008. 3) Company has acquired 41,75,620 shares of BCCI Limited @ 17.50/- per share from IDBI Bank on 25th March 2008 for a consideration of Rs. 730.73 Lakhs. After this acquisition ACC`s shareholding has increased to 94.65%. 4) During the quarter, 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, 2,225 Lakhs. ALCON has a cement grinding facility situated at Goa. The Company has an arrangement for trading cement produced by ALCON since last several years. 5) The State of Uttar Pradesh introduced Value Added Tax (VAT) with effect from January 1, 2008 which resulted into net sales being lower by Rs. 2,783.18 Lakhs for the quarter, and Rs. 5,539.19 Lakhs for the six months ended June 30, 2008. The Company had made a representation to State of Uttar Pradesh for continuation of existing sales tax benefit instead of the deferral scheme under the new law. Subsequent to the quarter-end, on July 16, 2008 the State promulgated an Ordinance whereby the exemption is being restored through a refund of VAT paid. Further, the detailed rules and procedures for conditions and computation of the amount of VAT exempted have not been prescribed. Accordingly, the income in respect of refund of VAT will be recognised in the ensuing quarter/s. 6) Since the Company had opted to publish only standalone, quarterly and half yearly results for the period ended June 30, 2007, the consolidated results provided above for those periods are based on the financial records of the Company and have not been reviewed by the statutory auditors. 7) The Company has divested / invested in certain subsidiaries and associates as mentioned below: i) Divestment of subsidiaries ACC Nihon Castings Limited w.e.f July 11, 2007, ACC Machinery Co. Limited w.e.f. March 10, 2008 and associate Almatis ACC Limited w.e.f February 8, 2007and ii) Investment in Lucky Minmat Limited w.e.f November 17, 2007 and Alcon Cement Company Pvt. Ltd. w.e.f April 1, 2008 Accordingly, the results for the quarter and six months ended June 30, 2008 are not comparable with the respective previous periods. 8) Figures for the previous period have been restated / reclassified wherever necessary to conform to the current period's presentation. -3- III STANDALONE RESULTS QUARTER ENDED QUARTER ENDED SIX MONTHS ENDED SIX MONTHS ENDED YEAR ENDED 30-06- 2008 30-6- 2007 30-06-2008 30-06-2007 31-12- 2007 UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs 1 SALES / INCOME FROM OPERATIONS 206,399.16 210,593.17 409,544.16 396,421.17 784,831.68 LESS: EXCISE DUTY RECOVERED 24,217.00 23,811.01 47,787.00 42,143.01 84,115.44 NET SALES / INCOME FROM OPERATIONS 182,182.16 186,782.16 361,757.16 354,278.16 700,716.24 2 OTHER INCOME i) Dividend 981.56 800.70 2,658.56 2,284.70 4,102.94 ii) Gain/(Loss) on foreign exchange (Net) 57.89 411.94 (20.11) 688.94 731.98 iii) Interest Income 1,046.46 1,506.00 2,622.46 2,810.00 4,993.00 iv) Other items 2,635.35 1,636.03 5,917.35 2,695.03 6,807.04 v) Profit on sale of investments 0.39 0.03 105.39 1,226.03 1,237.98 3 TOTAL INCOME (1+2) 186,903.81 191,136.86 373,040.81 363,982.86 718,589.18 4 EXPENDITURE a) (Increase) /Decrease in stock in trade (5,379.34) 4,040.26 (494.34) 4,387.26 (692.96) and work in progress b) Consumption of Raw materials 24,116.62 20,880.95 43,773.62 39,330.95 81,673.78 c) Purchase of traded Cement & Other 2,179.19 2,847.21 4,941.19 4,126.21 9,330.71 Products d) Employee cost 9,787.71 9,073.72 17,717.71 16,400.72 35,272.85 e) Power & Fuel 40,047.05 28,652.05 72,920.05 54,961.05 119,461.95 f) Outward Freight charges on Cement etc. 26,051.58 26,033.05 50,400.58 51,161.05 94,422.18 g) Excise Duties (Net) 3,608.14 2,528.89 6,549.14 6,535.89 12,917.24 h) Depreciation 7,242.85 7,153.67 14,377.85 14,592.67 30,506.90 i) Other Expenditure 40,408.25 38,305.06 77,531.25 72,221.06 156,591.78 Total Expenditure 148,062.05 139,514.86 287,717.05 263,716.86 539,484.43 Interest 1,081.94 1,278.67 1,638.94 2,981.67 7,387.05 5 6 Profit before Exceptional Items and Tax 37,759.82 50,343.33 83,684.82 97,284.33 171,717.70 (3) - ( 4+5) 7 EXCEPTIONAL ITEMS (Refer Note 3) a) (Profit) / Loss on sale of land and (1,228.82) - (1,199.82) - (20,143.00) undertakings / business b) Profit on sale of investments in - - (3,686.42) (770.00) (1,168.00) subsidiary / associates 8 Profit from ordinary activities before 38,988.64 50,343.33 88,571.06 98,054.33 193,028.70 tax (6-7) 9 Tax Expenses (including Fringe Benefit 11,846.22 15,760.00 25,674.22 27,906.00 49,170.00 Tax) 10 Net Profit for the period (8-9) 27,142.42 34,583.33 62,896.84 70,148.33 143,858.70 -4- QUARTER ENDED QUARTER ENDED SIX MONTHS ENDED SIX MONTHS ENDED YEAR ENDED 30-06- 2008 30-6- 2007 30-06-2008 30-06-2007 31-12- 2007 UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs 11 Paid-up Equity Share Capital 18,785.58 18,759.00 18,785.58 18,759.00 18,783.00 (Face value per share Rs.10) 12 Reserves excluding Revaluation Reserves as - - - - 396,478.00 per Balance Sheet of previous accounting year 13 Basic Earnings per Share Rs. 14.47 18.43 33.52 37.41 76.75 Diluted Earnings per Share Rs. 14.43 18.36 33.44 37.26 76.45 ( EPS for quarter and six months not annualised ) 14 Public shareholding Number of Shares 9,95,54,922 10,65,50,829 9,95,54,922 10,65,50,829 10,60,93,777 Percentage of Shareholding 53.05% 56.86% 53.05% 56.86% 56.55% 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.10,000.00 Lakhs. Consequent to the transfer of this business, the Company has only a single segment comprising its cement operations. Further, the results for the quarter and six months ended June 30, 2008 are not strictly comparable with those of the corresponding previous period. 2) The State of Uttar Pradesh introduced Value Added Tax (VAT) with effect from January 1, 2008 which resulted into net sales being lower by Rs. 2,783.18 Lakhs for the quarter, and Rs. 5,539.19 Lakhs for the six months ended June 30, 2008. The Company had made a representation to State of Uttar Pradesh for continuation of existing sales tax benefit instead of the deferral scheme under the new law. Subsequent to the quarter-end, on July 16, 2008 the State promulgated an Ordinance whereby the exemption is being restored through a refund of VAT paid. Further, the detailed rules and procedures for conditions and computation of the amount of VAT exempted have not been prescribed. Accordingly, the income in respect of refund of VAT will be recognised in the ensuing quarter/s. 3) Exceptional Item 7 comprises: (a) Loss of Rs.29.00 Lakhs on divestment of Ready-Mix Concrete business for the six months ended June 30, 2008, (b) Profit on disposal of land of Rs. 1228.82 Lakhs for the quarter ended June 30, 2008, and (c) Profit on disposal of the investment in the Company's wholly-owned subsidiary, ACC Machinery Company Ltd. of Rs. 3686.42 Lakhs for the Six months ended June 30, 2008. 4) 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 are restated by Rs.819.67 Lakhs and Rs. 2046.67 Lakhs for the six months ended June 30, 2007 to reflect such depreciation relating to those period. 5) Figures for the previous period have been restated / reclassified wherever necessary to conform to the current period's presentation. 6) At the beginning of the quarter ended June 30, 2008, there was one investor complaint pending. During the quarter, thirty one complaints were received and twenty eight complaints were resolved. Four complaints were pending disposal as on June 30, 2008. -5- IV CONSOLIDATED SEGMENT WISE REVENUE, RESULT AND CAPITAL EMPLOYED QUARTER ENDED QUARTER ENDED SIX MONTHS ENDED SIX MONTHS ENDED YEAR ENDED 30-06- 2008 30-6- 2007 30-06-2008 30-06-2007 31-12- 2007 UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs Rs. Lakhs 1 Segment Revenue (net sale / income from each segment) 182,182.16 179,698.16 361,757.16 341,622.16 675,033.60 a Cement 12,981.68 9,971.00 25,413.55 17,991.00 36,702.00 b Ready Mix Concrete - 2,891.55 779.68 5,353.81 6,027.00 c Others - - - 22.00 22.00 d Unallocated 195,163.84 192,560.71 387,950.39 364,988.97 717,784.60 Total Less: Inter segment 3,152.72 3,432.89 6,291.42 6,392.64 11,042.00 revenue Net sales / income 192,011.12 189,127.82 381,658.97 358,596.33 706,742.60 from operations 2 Segment Results ( Profit) (+)/ Loss (-) before tax and interest) 43,686.66 53,555.62 90,960.63 104,358.35 188,944.82 a Cement (1,334.24) (897.00) (3,282.70) (1,379.00) (6,071.00) b Ready Mix Concrete (0.10) 433.92 266.57 702.15 295.00 c Others 42,352.32 53,092.54 87,944.50 103,681.50 183,168.82 Total 1,082.01 1,308.43 1,639.06 3,032.62 7,430.00 Less: i Interest Expenses ii Other Un-allocable Expenditure net off 6,164.34 2,430.31 9,407.46 5,858.30 9,174.00 Un-allocable income 965.11 1,468.61 2,506.92 2,734.49 4,993.00 Add: Interest Income 36,071.08 50,822.41 79,404.90 97,525.07 171,557.82 Total Profit Before Exceptional Items & Tax Exceptional Items (1,228.82) - (1,228.82) - (20,143.00) a (Profit) / Loss on sale of land b (Profit) / Loss on - - (3,026.03) (590.71) (841.71) sale of divestment of subsidiary/ associates Total Profit Before 37,299.90 50,822.41 83,659.75 98,115.78 192,542.53 Tax 3 Capital Employed (Segment Assets - Segment Liabilities) a Cement 312,180.74 293,374.86 312,180.74 293,374.86 303,247.00 b Ready Mix Concrete 10,743.43 6,150.00 10,743.43 6,150.00 8,656.00 c Others 1.64 4,750.73 1.64 4,750.73 3,213.00 Sub-total 322,925.81 304,275.59 322,925.81 304,275.59 315,116.00 Capital work in 121,204.26 50,140.40 121,204.26 50,140.40 63,978.00 progress Capital Employed excludes assets and liabilities not allocable to specific segment & investments. Notes: 1) Exceptional Item comprises: (a) Profit on disposal of land of Rs. 1228.82 Lakhs for the quarter ended June 30, 2008, and (b) Profit on disposal of the investment in the Company's wholly-owned subsidiary, ACC Machinery Company Ltd. of Rs. 3026 Lakhs for the Six months ended June 30, 2008. 2) The Company has divested / invested in certain subsidiaries and associates as mentioned below: i) Divestment of subsidiaries ACC Nihon Castings Limited w.e.f July 11, 2007, ACC Machinery Co. Limited w.e.f. March 10, 2008 and associate Almatis ACC Limited w.e.f February 8, 2007and ii) Investment in Lucky Minmat Limited w.e.f November 17, 2007 and Alcon Cement Company Pvt. Ltd. w.e.f April 1, 2008 Accordingly, the results for the quarter and six months ended June 30, 2008 are not comparable with the respective previous periods. 3) Since the Company had opted to publish only standalone, quarterly and half yearly segment for the period ended June 30, 2007, the consolidated segment provided above for those periods are based on the financial records of the Company and have not been reviewed by the statutory auditors. 4) Figures for the previous period have been restated / reclassified wherever necessary to conform to the current period's presentation. ( Sumi Banerjee ) Mumbai - July 24, 2008 MANAGING DIRECTOR This information is provided by RNS The company news service from the London Stock Exchange END IR ILFVLDTISFIT
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