Cement maker ACC on Monday reported a consolidated net loss of Rs 87.35 crore for the July-September period, hurt by higher fuel and power expenses. The company had posted a consolidated net profit of Rs 450 crore in the year-ago period. Net sales rose 7 per cent to Rs 3,910 crore in the quarter under review, as against Rs 3,653 crore reported in the corresponding period a year ago.
The net loss was way off the Bloomberg consensus estimate of a net profit of Rs 220 crore for the period. The surprise loss also comes as the Adani group completes the acquisition of ACC and Ambuja Cements. A Bloomberg consensus estimate had pegged net sales at Rs 4,164 crore for the quarter under review.
