Companies

Ambuja Cement net halves to ₹722 cr

Our Bureau Mumbai | Updated on February 20, 2020 Published on February 20, 2020

Aerial view of the Ambuja cement plant, Kolkata.(file photo)

Lafarge Holcim-owned Ambuja Cement’s consolidated net profit halved to ₹722 crore for the December quarter, against ₹1,378 crore in the same period last year.

The company’s net profit last December quarter was boosted by a one-time write-back of tax provision of ₹873 crore.Revenue from operations was up 6 per cent at ₹7,126 crore (₹6,729 crore). The company will pay a dividend of ₹1.50 per share subject to the approval of the shareholders at the ensuing Annual General Meeting.

New MD and CEO

Bimlendra Jha, Managing Director and CEO, Ambuja Cement, has put in his papers to pursue other interests. The company has appointed Neeraj Akhoury as MD & CEO with effect from Friday. Akhoury’s appointment is subject to the approval of the shareholders, it said.

Meanwhile, ACC has promoted its chief commercial officer Sridhar Balakrishnan as MD and CEO of the company with immediate effect.

Published on February 20, 2020
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