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ACC: Topline fails to power bottomline

Jan 23, 2004

Riding on the back of robust growth in sales volumes, ACC, the second largest cement producer in the country, has reported 11% YoY growth in its topline as well as bottomline during 3QFY04. The operating margins of the company have however, failed to move beyond the 3QFY03 levels. One of the key events of the quarter was the company's acquisition of IDCOL Cement Ltd's 87% stake for a total consideration of Rs 1.8 bn.

(Rs m) 3QFY03 3QFY04 Change
Net sales 6,823 7,600 11.4%
Other income 384 294 -23.6%
Expenditure 6,149 6,845 11.3%
Operating profit (EBDITA) 674 755 12.0%
Operating profit margin (%) 9.9% 9.9%  
Interest 274 229 -16.6%
Depreciation 413 442 7.1%
Profit before tax 371 378 1.7%
Extraordinary items (140) - -
Tax 30 155 415.0%
Profit after tax/(loss) 202 223 10.7%
Net profit margin (%) 3.0% 2.9%  
No. of shares (m) 171.5 172.1  
Diluted earnings per share (Rs)* 4.7 5.2  
P/E ratio (x)   46.8  
(* annualised)      

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