Economy & Market
ACC's Q1 net up by 189 per cent
ACC has posted a rise of 189 per cent in its consolidated net profits for the quarter ended March 2013. The company, reported a consolidated net profit of Rs 438.29 crore compared with Rs 151.55 crore in the previous corresponding quarter. However, such a rise in profitability was due to the additional depreciation of Rs 335.4 crore which ACC had recognised in the first quarter of 2012. The company had a write back of tax provision of Rs 140.83 crore during the quarter under review. On the back of poor demand, ACC's sales turnover declined around 3 per cent to Rs 2,911 crore against Rs 2,997.9 crore last year. Though demand for cement during Jan-March quarter is generally expected to be robust, this year it turned out to be the other way.