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Ambuja Cement has reported 80 per cent increase in September quarter net profit at ₹277 crore (₹154 crore) on the back of increase in realisation and higher dividend from subsidiary company.
Net sales were down four per cent at ₹2,004 crore (₹2,095 crore) due to lower production.
The sales volume was lower by seven per cent due to heavy monsoon in core markets and subdued demand, said the company in a statement on Thursday.
Operating Ebitda for the quarter was down by two per cent mainly due to lower sales, higher diesel cost. The profitability was boosted by ₹103 crore dividend received from ACC, upon amalgamation of Holcim lndia with itself.
During the quarter, the company received approval from the Foreign Investment Promotion Board for acquiring 24 per cent equity shares of Holcim India for ₹3,500 crore and issued 584,417,928 equity shares for the remaining 76 per cent. Pursuant to scheme of amalgamation, Holcim India was merged with Ambuja Cement with effect from April 1, 2013. As a result, Ambuja Cement has acquired 50.05 per cent stake in ACC.
During the current quarter, Ambuja Cement’s consolidated net sales were at ₹4,477 crore, operating Ebitda and net profit were at ₹580 crore and ₹216 crore, respectively.
However, the company did not reveal the corresponding number for the previous year.
Ambuja expects, post monsoon construction activities to pick up, while it focuses to improve operational efficiencies.
On Thursday, the company’s scrip were up one per cent at ₹243.
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