APMDC Suliyari coal upcoming auction 1,00,000 MT for PAN India MSMEs on 21st April 2025 @2520 per MT
Registered User
New UserACC Cement announces capex plan of Rs 600 crore for 2017
30 Mar 2017
ACC Cement announces a capital expenditure plan of Rs 600 crore for the coming
financial year, CEO and MD Neeraj Akhoury said at the company's Annual General Meeting
held on Wednesday.
Akhoury said the outlay will be used for various projects, without divulging details.
The company reported a profit of Rs 604.38 crore for the year ending 31st December, 2016,
up from Rs 587.60 crore in 2015, registering a growth in profit of 2.9%. Revenue stood at Rs
11,275.75 crore, down by 5.39% since last year at Rs 11,916.94 crore.
Total sales declined from 23.62 million tonnes in 2015 to 22.99 million tonnes in 2016,
reporting a decline of 2.7%.
The homegrown cement major that commissioned a new plant at Jamul in Chhattisgarh suffered from low capacity utilisation in the
industry in the year gone by, which stood at 75%. While production took place at levels above 85% of capacity in the northern, central and
eastern regions, excess capacity in the south dragged down the average capacity utilisation in the industry.
The cement industry has remained impacted in the last few months by demonetisation as well as state elections held in five states in the
country, a report by investment advisory firm Emkay Research said.
On the question on the buzz around the supposed merger between ACC Cement and Ambuja Cement, Akhoury said that as of now the
two companies are operating as independent legal entities with separate boards and no such discussion has happened at the board level.
It recently sold its 12.13% stake in Odishabased Shiva Cement to JSW Cement for Rs 38.67 crore.
Neeraj Akhoury succeeds Harish Badami as the new MD and CEO and took charge in February after being appointed in December last
year.
"The Union Budget for 20172018 had a welcome thrust on the rural sector, infrastructure development, housing and a boost to the overall
investment climate. If 2017 also experiences a normal monsoon, GDP growth is likely to rebound in the second half of the year. Better
liquidity and improved tax collections will enhance Government's ability to spend on infrastructure and other development projects, leading
to faster growth," Akhoury said.
Source: Economic Times