MUMBAI (Reuters) - ACC Ltd (ACC.NS), controlled by Swiss group Holcim (HOLN.VX), the world's second-largest cement producer, reported a 49 percent fall in net profit for the Oct-Dec quarter, meeting analyst expectations.
ACC, India's No. 2 cement maker, reported a net profit of 2.39 billion rupees compared with 4.7 billion rupees a year earlier, meeting market estimates of 2.4 billion rupees, according to Thomson Reuters I/B/E/S.
The year-ago number included an exceptional gain for tax write-back of 1.29 billion rupees. Excluding this, profit would have fallen 30 percent.
Earlier, Morgan Stanley downgraded ACC to "equalweight" from "overweight", while cutting its view on the cement industry to "in-line" from "attractive."
(Reporting by Aditi Shah; Editing by Prateek Chatterjee)
Trending On Reuters
The BSE Sensex posted its worst monthly fall in more than two years, raising concerns a strong rally that saw indexes surge in the fiscal year was waning due to concerns about stock valuations and a more gradual economic growth. Full Article