ACC has reported a 38.19 per cent increase in its consolidated profit at Rs 346.02 crore for the first quarter of 2019 (January – March) , on account of increase in sales volume. The consolidated profit was 250.39 crore in the January-March quarter a year ago.
ACC’s cement sales volume was up 5.63 per cent to 7.5 million tonne in the January-March quarter as against 7.1 million tonne.
During the first quarter of 2019, revenue from cement segment along with ready mix concrete business have also shown an increase over the year-ago period.
The government’s continued drive on infrastructure development as well as ‘Housing for All’ initiatives are expected to energize the construction sector and stimulate cement demand.
The rupee on April 23, gained 5 paise to close at 69.62 against the US dollar on some dollar selling by banks and exporters. However, subdued equity market sentiment and a stronger dollar against its key rival currencies limited the rupee’s gain.
China among the top ten steel using countries, alone had a share of 835 mt of the total world use of 1.712 billion tonnes of steel in 2018 and will continue to make a reflective impact on the rate at which global steel demand will move.
Indian steel use will be growing by over 7% first to 102.8 mt and then to 110.2 mt during the years 2019 and 2020 respectively. India’s per capita steel consumption of about 70 tonnes falls far short of the world average of208 kg.
Developing Asia, excluding China will stay as the fastest growing region in the global steel industry with expected 2019 growth at 6.5 per cent followed by a slightly lower 6.4 per cent in 2020.
Steel demand will get a boost if more steel is used in house building and construction.