Financial Results -June07 Qtr
July 19 2007 - 6:00AM
UK Regulatory
RNS Number:5188A
ACC Limited
19 July 2007
5
ACC LIMITED
Registered Office : Cement House,
121, Maharshi Karve Road, Mumbai - 400 020
UNAUDITED STANDALONE FINANCIAL RESULTS
(PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2007.
PROFIT BEFORE EXCEPTIONAL ITEMS & TAX FOR Q-2 2007 UP BY 25.3 % AT Rs. 511.63 CRORE.
SALES VALUE FOR Q-2 2007 UP BY 27.2 %
INTERIM DIVIDEND 100 %
I. The following unaudited accounts of the quarter ended June 30, 2007 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 19, 2007. The text of this statement was also taken on record.
II STANDALONE RESULTS
QUARTER QUARTER SIX MONTHS SIX MONTHS YEAR ENDED
ENDED ENDED ENDED ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, DECEMBER 31,
2007 2006 2007 2006 2006
REVIEWED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 SALES / INCOME FROM OPERATIONS 2106.06 1626.46 3964.21 3161.15 6453.07
LESS: EXCISE DUTY RECOVERED 238.11 157.66 421.43 349.92 649.59
NET SALES / INCOME 1867.95 1468.80 3542.78 2811.23 5803.48
FROM OPERATIONS
2 OTHER INCOME
i) Dividend 8.01 5.32 22.85 14.11 26.00
ii) Gain/(Loss) on foreign exchange (Net)4.12 (6.18) 6.89 (3.69) 1.60
iii) Other items 16.17 13.07 26.95 35.11 90.26
iv) Other non-recurring items - - - 13.62
3 TOTAL (1+2) 1896.25 1481.01 3599.47 2856.76 5934.96
4 TOTAL EXPENDITURE
a) (Increase) /Decrease in stock 40.40 (50.89) 43.87 13.24 32.62
in trade
b) Consumption of Raw materials 204.03 169.94 386.21 335.48 677.07
c) Staff cost 93.89 93.10 175.47 169.79 318.02
d) Power & Fuel 286.52 253.64 549.61 483.53 972.66
e) Outward Freight charges on 252.96 218.00 511.61 419.06 845.77
Cement etc.
f) Excise Duties (Net) 25.29 37.07 65.36 43.10 86.50
g) Purchase of Cement & Other 28.47 15.58 41.26 25.72 53.42
Products
h) Other Expenditure 391.99 263.40 717.85 525.79 1194.20
Total Expenditure 1323.55 999.84 2491.24 2015.71 4180.26
5 PROFIT BEFORE INTEREST,
DEPRECIATION,
EXCEPTIONAL ITEMS AND TAX (3-4) 572.70 481.17 1108.23 841.05 1754.70
6 INTEREST (NET) (2.27) 14.74 1.72 34.11 52.03
7 DEPRECIATION 63.34 58.22 125.46 117.87 254.25
8 PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS &
TAX (5-6-7) 511.63 408.21 981.05 689.07 1448.42
9 EXCEPTIONAL ITEMS
a) Profit on sale of land and - 146.39 147.79 162.31
undertakings
b) Write back of / ( Provision)
for contingencies - - 0.50
c) Profit from divestment of - 0.23 19.96 7.93 8.27
erstwhile subsidiary
(Everest Industries Ltd.) /associates
10 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS
& BEFORE TAX (8 +9) 511.63 554.83 1001.01 844.79 1619.50
11 PROVISION FOR TAX ( including 160.39 141.59 286.02 196.13 387.66
Fringe Benefit Tax)
-2-
QUARTER QUARTER SIX MONTHS SIX MONTHS YEAR ENDED
ENDED ENDED ENDED ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, DECEMBER 31,
2007 2006 2007 2006 2006
REVIEWED REVIEWED AUDITED
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
12 PROFIT/(LOSS) AFTER EXCEPTIONAL ITEMS &
PROVISION FOR TAXATION (10 -11) 351.24 413.24 714.99 648.66 1231.84
13 Paid-up Equity Share Capital 187.59 187.23 187.59 187.23 187.48
( Face value per share Rs.10 )
14 Reserves excluding Revaluation
Reserves - - - - 2955.16
15 Basic Earnings per Share Rs. 18.75 22.13 38.16 34.85 66.02
Diluted Earnings per Share Rs. 18.67 21.99 38.01 34.53 65.52
( EPS for quarter and six months
not annualised )
16 Aggregate of Non-Promoter Shareholding
Number of Shares 10,67,53,296 12,10,58,693 10,67,53,296 12,10,58,693 12,14,40,580
Percentage of Shareholding 56.97% 64.77% 56.97% 64.77% 64.85%
Notes:
1) The project for capacity expansion alongwith Captive Power Plant at Lakheri and augmentation of grinding capacity
at Kymore has commenced commercial production during the current quarter.
2) The previous period figures have been recast to reflect amalgamation of Tarmac ( India) Ltd. w.e.f. January 1,
2006 which had been recorded in the quarter ended September 30, 2006 pursuant to receipt of necessary court
orders.
3) During the quarter and six months ended June 30, 2006 an amount of Rs.9.86 crore pertaining to afforestataion
charges for acquisition of mining land which was charged to revenue was capitalised during quarter ended December
31,2006. Accordingly, results for the quarter and six months ended June 30, 2006 and tax thereon have been
restated.
4) Provision for tax for the half year ended June 30, 2006 and year ended December 31, 2006 includes a
charge of Rs.18.66 crore pertaining to prior period.
5) Pursuant to the Company entering into a Share Subscription Agreement with the Promoters of Shiva Cement Limited
(SCL), the Company has been allotted 14.5 Million Equity Shares of Rs.2 each and 22.7 Million Warrants ( each
warrant to be converted into one Equity Share of Rs. 2 each) at a price of Rs.11 per share/ warrant. The Company
holds 11.6% of Share Capital of SCL. SCL has a plant in the strategic market of Orissa with capacity of 0.13
million tonne.
6) The Board had approved in the previous meeting transfer of RMX business to a wholly owned
subsidiary, ACC Concrete Ltd., subject to Shareholders' approval.
7) Subsequent to quarter end, the Company has sold its entire investment in its wholly owned subsidiary, ACC Nihon
Castings Limited and assigned its receivables therein, for a total consideration of Rs.30 crore. The transaction
will not have significant impact on the results of the Company.
8) During the period pursuant to implementation of SAP ERP system certain cost formulas for inventory valuation have
been changed. The impact of these changes is estimated to be immaterial.
9) Previous period figures have been regrouped wherever necessary.
10) At the beginning of the quarter ended June 30, 2007, there were three investor complaints pending. During the
quarter, forty five complaints were received and forty five complaints were resolved. Three complaints were
pending disposal as on June 30, 2007.
III -3-
Segment wise Revenue, Results and Capital Employed
Quarter Quarter Six Months Six Months YEAR ENDED
ended ended ended ended
Particulars June 30, June 30, June 30, June 30, DECEMBER 31,
2007 2006 2007 2006 2006
Reviewed Reviewed Audited
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
1 Segment Revenue (net
sales / income from each
segment)
a. Cement 1797.11 1425.46 3416.22 2715.47 5593.34
b Ready Mix Concrete 99.71 81.08 179.91 152.50 300.44
Total 1896.82 1506.54 3596.13 2867.97 5893.78
Less: Inter segment revenue 28.87 38.00 53.57 57.09 90.68
Net sales / income from 1867.95 1468.54 3542.56 2810.88 5803.10
operations
Income from non- segmental operations 0.00 0.26 0.22 0.35 0.38
Total 1867.95 1468.80 3542.78 2811.23 5803.48
2 Segment Results
(Profit + /(Loss)(-) before
tax and interest )
a. Cement 542.63 444.53 1049.47 750.46 1594.17
b Ready Mix Concrete (8.97) 3.68 (13.79) 7.79 2.66
Total 533.66 448.21 1035.68 758.25 1596.83
Less: i Interest -2.27 14.74 1.72 34.11 52.03
ii Other un-allocable
expenditure net of
un-allocable income. 24.30 25.26 52.91 35.07 96.38
Total Profit Before Tax & Exceptional Items 511.63 408.21 981.05 689.07 1448.42
-4-
Quarter Quarter Six Months Six Months YEAR ENDED
ended ended ended ended
Particulars June 30, June 30, June 30, June 30, DECEMBER 31,
2007 2006 2007 2006 2006
Reviewed Reviewed Audited
Rs. Crore Rs. Crore Rs. Crore Rs. Crore Rs. Crore
Exceptional Items
a. Write back of / ( Provision) for contingencies - - - - 0.50
b. Profit on sale of land and - 146.39 0.00 147.79 162.31
undertaking
-
c. Profit from divestment of erstwhile - 0.23 19.96 7.93 8.27
subsidiary ( Everest Industries Ltd.) /
associates
Total Profit after Exceptional Items & before 511.63 554.83 1001.01 844.79 1619.50
Tax
3 Capital Employed
(Segment Assets - Segment
Liabilities)
a. Cement 2853.83 2989.05 2853.83 2989.05 2990.32
b. Ready Mix Concrete 61.50 63.64 61.50 63.64 70.57
Sub-total 2915.33 3052.69 2915.33 3052.69 3060.89
Capital work in progress 509.26 384.05 509.26 384.05 473.42
Capital Employed excludes assets and liabilities not allocable to specific segment & investments.
Notes:
1) The Company has reassessed its operations and revised the segment reporting into two segments- Cement and Ready
Mixed Concrete. Cement business includes consultancy contracts for cement plant operations.
2) The previous period figures have been recast to reflect amalgamation of Tarmac ( India) Ltd. w.e.f. January 1,
2006 which had been recorded in the quarter ended September 30,2006 pursuant to receipt of necessary court orders.
3) Previous period figures have been regrouped wherever necessary.
Mumbai- July 19, 2007. ( Sumit Banerjee)
MANAGING DIRECTOR
This information is provided by RNS
The company news service from the London Stock Exchange
END
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