Financial Daily from THE HINDU group of publications
Tuesday, Jan 31, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 31, 2006 |
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Corporate Results
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Cement Gujarat Ambuja Q2 sales up, net down 1.8 pc Our Bureau
Mumbai , Jan. 30 GUJARAT Ambuja Cements Ltd has reported a 1.8 per cent fall in net profit for the second quarter of the current fiscal ended December 31, 2005. On a consolidated basis, however, net profit increased 34 per cent, due to share of profit of associate companies. The net profit was Rs 87.9 crore against Rs 89.55 crore. Although net sales grew 24.8 per cent to Rs 773.15 crore (Rs 619.14 crore), higher fuel and freight costs, higher provision for current tax in this quarter, coupled with higher exchange rate gains in the corresponding year ago quarter brought down the net profit. Total expenditure rose 18.19 per cent to Rs 571.1 crore (Rs 483.17 crore). Of this, power and fuel costs were Rs 184.85 crore (Rs 178.51 crore), while freight and forwarding costs were Rs 139.98 crore (Rs 115.43 crore). Operating profit at Rs 194.46 crore showed a 10-per cent increase. Current tax provision was at Rs 38.45 crore (Rs 7.75 crore). On a consolidated basis, net profit rose to Rs 121.45 crore, up 34 per cent, from Rs 90.32 crore in the same year-ago quarter. Net sales rose 9 per cent to Rs 797 crore (Rs 734 crore). Volume sales at 3.42 million tonnes were higher by two per cent, while realisations were up 22 per cent, year-on-year, while export realisations were up 25 per cent. (The company exported 8 lakh tonnes this quarter). Operating profit was almost flat, at Rs 199.24 crore (Rs 198.42 crore). Net interest costs were lower at Rs 20.14 crore (Rs 22.60 crore) Share of profit of associates (Ambuja Cements India Ltd) amounted to Rs 29.69 crore (Rs 0.14 crore). The current year does not include results of ACIL (now an associate company) and its subsidiaries Ambuja Cement Eastern and Kakinada Cement.
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