Associated Cement Companies has reported an 11.8 per cent increase in net profit to Rs 58.72 crore (Rs 587.2 million) for the fourth quarter ended March 31, 2003 when compared with Rs 52.52 crore (Rs 525.2 million) for the corresponding quarter last fiscal.
Total income (net of excise) has increased to Rs 792.85 crore (Rs 7.928 billion) from Rs 789.14 crore (Rs 7.891 billion), the company said in a release to the Bombay Stock Exchange on Friday.
The company has posted a 20 per cent decrease in net profit to Rs 103.89 crore (Rs 1.038 billion) for the fiscal year 2002-03 as against Rs 130.43 crore (Rs 1.304 billion) in fiscal year 2001-02.
Total income (net of excise) has increased 3 per cent to Rs 2,988.51 crore (Rs 29.885 billion) from Rs 2,904.51 crore (Rs 29.045 billion).
The company has reported a consolidated profit of Rs 121.34 crore (Rs 1.213 billion) in fiscal year 2002-03 as compared to Rs 127.25 crore (Rs 1.272 billion) in fiscal year 2001-02.
Net sales (net of excise) rose to Rs 3,020.11 crore (Rs 30.201 billion) from Rs 2,821.75 crore (Rs 28.217 billion).
The board of directors has recommended a dividend of Rs 2.50 per share for the year ended March 31, 2003.
Despite facing one of the worst droughts in the last three decades in 2002 the company expects the cement industry to maintain its growth during the year 2003-2004, the release added.