Business Line reported that Ambuja Cement, a Holcim Group company, has discontinued providing monthly production and sales updates citing provision in new accounting norms. Its group company ACC has also not provided the update for November.
However, an ACC spokesperson said that the company has skipped the November numbers, but assured that it would be back with its update next month.
Spokesperson said that “We have not suspended giving monthly production numbers. It so happened that some of our officials were busy travelling and we had to skip the November update.”
UltraTech Cement, an Aditya Birla Group company, had also stopped disclosing its production and sales figures in June.
The 3 companies ACC, Ambuja Cement and UltraTech Cement together command about 45% market share.
The amendment to Schedule VI of the Companies Act, which stipulates the format for financial statements and balance sheets, allows companies to do away with the need to disclose quantitative information. This includes installed capacity, production and sales statistics of manufacturing companies.
