Financial Daily from THE HINDU group of publications
Tuesday, Apr 18, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 18, 2006 |
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Corporate Results - Cement Gujarat Ambuja Q3 net doubles to Rs 299 cr Our Bureau
Mumbai , April 17 Gujarat Ambuja Cements Ltd's net profit has doubled in the third quarter ended March 31, 2006. The surge in profits was aided by higher demand as well as higher prices for cement, a cooling off in coal prices internationally, as well as one-time gains on the sale of stake in various subsidiaries, said Mr Jayesh Doshi, Vice-President, Treasury, Gujarat Ambuja Cements. Net profit for the quarter amounted to Rs 298.59 crore as against Rs 143.11 crore in the year-ago quarter. Net sales, at Rs 924.29 crore (Rs 667.24 crore), rose by 39 per cent. Volumes rose 14 per cent during the quarter, with the company selling 3.19 million tonnes, while realisation was 12 per cent higher, at Rs 2,520 per tonne of cement. The company's profits from sale of investment in subsidiaries accounted for Rs 35.80 crore. Operating profits rose by 81 per cent to Rs 375 crore (Rs 207.57 crore) while operating margins rose to 37 per cent.
Expenditure
Total expenditure amounted to Rs 602.99 crore (Rs 468.13 crore); among its various components, power and fuel costs at Rs 190.06 crore (Rs 166.06 crore) and freight costs at Rs 139.06 crore (Rs 96.36 crore) showed substantial increase. Interest costs nearly halved year-on-year, and accounted for Rs 10.54 crore (Rs 20.79 crore) during the quarter. Depreciation was almost unchanged, at Rs 50.86 crore (Rs 49.22 crore). Taxes accounted for Rs 15.15 crore (a negative Rs 5.55 crore). With domestic prices rising, realisations from this market are on a par with that of the export market, said Mr Doshi. Exports accounted for 12 per cent of sales. Exports rose by about 15 per cent, to 4.6 lakh tonnes.
Interim dividend
The company has announced an interim dividend of 50 per cent, or Re 1 per share of face value Rs 2. The company's scrip rose by Rs 4.65, closing at Rs 113.40 on the BSE, gaining 4.28 per cent over the previous close.
More Stories on : Financial Performance | Cement | Gujarat Ambuja Cements Ltd
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