ACC announces Q4 & FY 06 results, recommends Rs.15 dividend

ACC Ltd has announced the following results for the quarter & year ended December 31, 2006:

The Unaudited results for the quarter ended December 31, 2006:

The Company has posted a net profit after provision for taxation & exceptional items of Rs 3584.60 million for the quarter ended December 31, 2006 where as the same was at Rs 1734.50 million for the quarter ended December 31, 2005. Total Income (net of excise) is Rs 16779.40 million for the quarter ended December 31, 2006 where as the same was at Rs 11005.10 million for the quarter ended December 31, 2005.

The Audited results for the year ended December 31, 2006:

The Company has posted a net profit after provision for taxation & exceptional items of Rs 12318.40 million for the year ended December 31, 2006 where as the same was at Rs 7097.00 million for the year ended December 31, 2005. Total Income (net of excise) is Rs 59349.60 million for the year ended December 31, 2006 where as the same was at Rs 44456.80 million for the year ended December 31, 2005.

- The results for the year ended December 31, 2006 include figures of Tarmac (India) Pvt Ltd. which is merged with the Company with effect from January 01, 2006 consequent upon requisite approvals. Current quarter and year ended December 31, 2006 figures are not comparable with the corresponding previous quarter and year ended December 31,2005 figures to the extent that Tarmac (India) Pvt Ltd. is merged with the Company with effect from January 01, 2006. The operation of Tarmac (P) Ltd. resulted in a profit of Rs 0.40 million during current year as compared to Rs 12.30 million loss during corresponding previous period (not included in these result).

- During the previous financial year the Company divested certain non core businesses while merging cement businesses carried on by its subsidiaries with itself. As result, the following events have been effected in the accounts:

(i) Amalgamation of Bargarh Cement Ltd (BCL) and Damodhar Cement and Slag Ltd (DCSL) w.e.f. April 01, 2005 and

(ii) Divestment of Refractory Business w.e.f September 30, 2005,

Accordingly, the result for the year ended December 31, 2006 are not comparable with the respective previous periods.

The Audited Consolidated results for the year ended December 31, 2006 are as follows:

The Group has posted a profit after provision for taxation & exceptional item of Rs 12396.00 million for the year ended December 31, 2006 where as the same was at Rs 6959.70 million for the year ended December 31, 2005. Total Income (net of excise) is Rs 59743.90 million for the year ended December 31, 2006 where as the same was at Rs 46720.30 million for the year ended December 31, 2005.

During the previous financial year the Company divested certain non core businesses as mentioned below:

(i) Divestment of Refractory Business w.e.f. September 30, 2005 and

(ii) Divestment of stake in Everest Industries Ltd (EIL) erstwhile subsidiary w.e.f October 14, 2005.

Accordingly, the results for the year ended December 31, 2006 are not comparable with the previous period.

The figures for the year ended December 31, 2006 are unaudited.

The Board of Directors of the Company has recommended payment of dividend at the rate of Rs 15/- per share.

Further the Company has informed that, the Register of Members & Share Transfer Books of the Company will remain closed from March 16, 2007 to March 28, 2007 (both days inclusive) for the purpose of payment of dividend & Annual General Meeting of the Company to be held on March 28, 2007. The dividend will be payable on and from April 11, 2007.

Source : Equity Bulls

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