New Delhi: Higher expenses and lesser sales have squeezed cement maker ACC Ltd's consolidated net profit by 36.85 percent during the April-June quarter to Rs 261.76 crore from Rs 414.52 crore during the same period a year ago.
Shares of the company were trading at Rs 1,179.50 apiece, down 4.18 percent during the later afternoon trade. The ACC Board has approved an interim dividend of Rs 11 per share, it said in an exchange filing today.
ACC, which has majority stake by Switzerland-based building material major Holcim, reported a 3.6 percent dip in revenue during the quarter to Rs 2,851.07 crore.
Expenses, however, went up to Rs 2,502.09 crore compared to Rs 2,412.60 crore a year ago mainly because of the costlier raw material and higher employee benefit expenses.
It consumed raw material worth Rs 411.15 crore during the quarter from Rs 408.48 crore in the same period a year earlier. Employee benefits expenses also went up to Rs 172.54 crore from Rs 144.31 crore.