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Our Bureau

Mumbai , Oct. 19

GUJARAT Ambuja Cements Ltd (GACL) has reported a 7 per cent increase in its consolidated net profit for the first quarter of its current financial year, but a decline of 16.7 per cent in its standalone net profit for the period.

Consolidated net profit for the quarter amounted to Rs 108.06 crore, up from Rs 100.99 crore during the corresponding quarter of the previous year.

Standalone net profit declined to Rs 75.28 crore from Rs 90.46 crore.

The quarter was marked by flat sales due to the floods in the country and cost increases on account of high oil prices leading to consolidated operating profit too declining by 18.8 per cent, to be recorded at Rs 172.26 crore (Rs 212.82 crore).

Share of profit of associates (mainly ACIL) chalked up a higher consolidated net profit for the company.

The consolidated figures are more meaningful considering that GACL holds 33 per cent stake in Ambuja Cements India Ltd, said Mr Anil Singhvi, Executive Director, GACL.

He said that despite flat sales owing to the floods in the country during the quarter, realisations overall were higher by 9 per cent, year-on-year, during the quarter.

Sales were unchanged at 2.94 million tonnes largely due to the floods in Maharashtra and Gujarat.

Exports were also affected for the same reason, volumes going down to 3.5 lakh tonnes from 5.25 lakh tonnes during the same year-ago quarter, said Mr Singhvi.

Consolidated turnover for the quarter was lower, at Rs 677.41 crore as against Rs 706.68 crore in the first quarter of the previous fiscal while total expenditure was only marginally lower, at Rs 506 crore, down from Rs 517 crore.

Interest cost, at Rs 22 crore was nearly unchanged. Depreciation and amortisation amounted to Rs 49.54 crore, down from Rs 60.67 crore. Consolidated profit before tax amounted to Rs 134.66 crore, up from Rs 129.24 crore.

Going ahead the next three quarters to the finish of the company's fiscal are likely to see good cement offtake as well as exports for the company, said Mr Singhvi who pointed out that export prices are firming up well.

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