Net sales increased to Rs 2,760.06 crore, up from Rs 2,609.06 crore, while total income rose from Rs 2,747.44 crore to Rs 2,818.66 crore during the period. Other income dropped sharply from Rs 121.94 crore to Rs 53.19 crore during the period.

Sales volume (including that of traded cement) rose by 7 per cent to 10.72 million tonnes from 9.98 million tonnes last year.

Despite the mounting losses, the company's board, which met on Wednesday, recommended a dividend payout of 10 per cent.

Operating profit before interest, depreciation and non-recurring items fell by 19 per cent to Rs 212.86 crore due to the sharp drop in price realisation.At the BSE, the ACC stock fell sharply to close at Rs 113.50 against Tuesday's close of Rs 125.

ACC has said that the losses were largely due to the average price decline of 4 per cent and the restricted production due to unremunerative market conditions in some regions.

During the year, depreciation was higher at Rs 124.51 crore, against Rs 103.76 crore last year, due to the commissioning of various projects including captive power plants of 25 mw each at Jamul and Kymore. Interest charges, were, however, were lower at Rs 161.77 crore (Rs 162.45 crore last year).

Clinker production for the year increased to 8.21 million tonnes from 7.27 million tonnes, while cement output rose from 9.15 million tonnes to 10.04 million tonnes during the period.

Despite a severe price depression which adversely affected its performance, ACC is hopeful that the prices will take an upturn soon. "For the year as a whole, the demand and supply equation seems to be reasonably balanced. With no significant capacities coming up in the near future, it is anticipated that the prices are likely to look up in the course of the year," the company said in a statement.