ACC LIMITED
RESULTS FOR CALENDER YEAR 2010
ACC limited has released disappointing Consolidated results for the calendar Year ended December 2010.
NET SALES at Rs.8259 cr is down by 2.6% from the year 2009 and up by 6.98% from the year 2008.
Sales volume in million tones is Rs.21.29 against 21.52 in 2009.
Total expenditure is Rs.7146 cr – up by 11.82% from 2009 and by 12.04% from 2008.
Profit from operations is Rs. 1375 cr – down by 38.99% from 2009 and down by 8.81% from 2008.
Consolidated Net Profit is Rs.1078 cr – down by 31.1% from 2009 and by 2.01% from 2008.
Profits were said to be adversely affected due to a fall in selling prices as well as escalations in costs of major inputs like slag, fly ash, coal and Power.
The company has commissioned the expanded Wadi 2 Kiln in Sep 2010 with a capacity of 12,500 tonnes per day being the largest cement kiln in the world.
A 25 MW captive power plant was commissioned in Wadi in oct 2010. A 2nd unit of 25 MW is likely to be commissioned in 1st qtr of 2011.
The new clinkering line of capacity 7000 tonnes per day at Chanda commenced trial production in Nov,2010, which will ultimately add 3 MTPA cement capacity. This will be ramped up progressively in first half of 2011, along with a captive power plant of 25 MW.
The total installed capacity thus increases to 30 Million tones per annum.
ACC says - In 2010, cement Industry registered growth in demand of 10% to 212 million tones.
But, Industry capacity increased to 260 MT and capacity utilization slipped to 80%.
Demand is likely to grow at 9-10%.
Input supply and pricing pressures are expected to continue.
ACC has declared a final dividend of Rs.20.50 per share (which includes Rs.7.50 special Platinum Jubilee dividend – and now, the total dividend with interim dividend comes to Rs.30.50 per share.
In summary, it appears that Faster Demand Growth holds the key for the future of all cement companies, which are expanding faster than Demand Growth.
RESULTS TABLE :
| CAL.YR 2010 | |||
| Net Sales | 825876.62 | 847955.27 | 771969.41 |
| DIF % 1 | 8259 | -2.6 | 6.98 |
| Other Oprtg Income | 26270.58 | 16539.98 | 16652 |
| Incr./Decr. in SIT/WIP | -5422.09 | -2873.99 | 196.25 |
| Raw Materials | 306116.59 | 271856.79 | 264162 |
| Traded goods | 14897.85 | 12915.65 | 12293.87 |
| Employees Cost | 49819.49 | 40120 | 44637.2 |
| Depreciation | 42772.44 | 37312.88 | 32053.62 |
| Other Expenditure | 306413.27 | 279703.8 | 284435.93 |
| Total Expenditure | 714597.55 | 639035.13 | 637778.87 |
| DIF %2 | 7146 | 11.82 | 12.04 |
| Profit from Operations | 137549.65 | 225460.12 | 150842.54 |
| DIF %3 | 1375 | -38.99 | -8.81 |
| Other Income | 9784.49 | 8045.99 | 11382.76 |
| Profit before I & EI | 147334.14 | 233506.11 | 162225.3 |
| Interest | 5793.01 | 8436 | 3998.5 |
| Profit after I BB EI | 141541.13 | 225070.11 | 158226.8 |
| Exceptional items | - | - | -4254.85 |
| Profit before tax | 141541.13 | 225070.11 | 162481.65 |
| Tax Expense | 34136 | 68679 | 52517 |
| Net Profit after tax | 107405.13 | 156391.11 | 109964.65 |
| Net Profit | 107405.13 | 156391.11 | 109964.65 |
| Minority Interest | 2.08 | - | - |
| Shares of Associates | -349.76 | - | - |
| Consolidated Net Profit | 107752.81 | 156391.11 | 109964.65 |
| DIF %4 | 1078 | -31.1 | -2.01 |
| Face Value (in Rs.) | 10 | 10 | 10 |
| Paid-up Equity | 18795.1 | 18794 | 18788 |
| Reserves | 609277.85 | 568192 | 463637 |
| Basic EPS (in Rs.) | 57.39 | 83.32 | 58.6 |
| Diluted EPS (in Rs.) | 57.27 | 83.14 | 58.51 |
| Public holding (%) | 51.68 | 53.8 | 53.07 |
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