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
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