Ambuja Cement reported a 54 per cent increase in December quarter net profit at ₹537 crore (₹339 crore) due to write back of provisions. The company had reversed a provision of ₹372 crore made in previous years for tax liability.
Income increased ₹2,948 crore (₹2,763 crore) due to higher sales volume. The board has recommended a dividend of ₹1.50 a share.
Ajay Kapur, Managing Director, Ambuja Cement, said the company has managed to withstand cost volatility in this quarter with focus on alternative fuels, optimised fuel mix and plant efficiency improvements.
The company has commissioned new coal block Gare Palma ahead of schedule, which will help further optimise fuel mix, he added.
The company has appointed Bimlendra Jha as the Managing Director & CEO from March 1. On Monday, he was inducted on the Board as an Additional Director and MD & CEO - Designate.
Jha joins Ambuja Cement from Tata Steel where he has spent nearly three decades of his career. Over the past six years, he has held multiple leadership roles, including Executive Chairman.
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