Net profit during the July-September period crashed by 86.76 per cent to Rs 1.67 crore, from Rs 12.62 crore in the corresponding period last year. The drop in profit has been almost as sharp during the first six months as well, during which net profit fell from Rs 21.10 crore to Rs 8.69 crore.

Other income was the saving grace with total inflow aggregating to Rs 21.4 crore, up from Rs 17.5 crore in the same period last year. The company is in the final stages of transferring its captive power plants at Wadi to Tata Electric for around Rs 350 crore and this assures ACC of a hefty other income cushion during the second half as well.

ACC president (finance) NH Italia said: "The transfer of power plants, which is now in the final stages, is likely to be accounted for in the next quarter. However, procedural delays may push sale to the fourth quarter."

At the Bombay Stock Exchange, the ACC scrip which opened at Rs 244 nosedived to close at Rs 223.70. Around 20 lakh shares of the company were traded at the exchange.

Net sales during the second quarter, however, increased to Rs 627.72 crore from Rs 575.22 crore with volume sales rising from 2.21 million tonnes to 2.35 million tonnes. Net income from operations during the first half surged by 11.50 per cent to Rs 1,328.19 crore.

ACC whole-time director and company secretary PK Sinor said that the lacklustre performance of the company was largely due to the drop in realisations which fell by almost Rs 50 per tonne. "The company has been hit hard by lower realisations in the eastern market where it have a sizeable presence.