Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Company-results/  Ambuja cement Q2 profit declines 45% to Rs226.35 crore
BackBack

Ambuja cement Q2 profit declines 45% to Rs226.35 crore

Net sales for the June quarter were reported at Rs2,492.76 crore, 8% lower than the year-ago period

Operating earnings before interest, tax, depreciation and amortization (Ebitda) for the company fell 34.7% to `384 crore in the June quarter. Photo: BloombergPremium
Operating earnings before interest, tax, depreciation and amortization (Ebitda) for the company fell 34.7% to `384 crore in the June quarter. Photo: Bloomberg

Mumbai: Cement maker Ambuja Cements Ltd on Monday reported a 45% drop in net profit for the quarter ended June on account of lower operating profit and 22 crore depreciation charge.

The company posted a net profit of 226.35 crore compared with 408.70 crore in the year-ago period.

Net sales for the June quarter were reported at 2,492.76 crore, 8% lower from 2,706.35 crore reported a year back.

Operating earnings before interest, tax, depreciation and amortization (Ebitda) for the company fell 34.7% to 384 crore in the June quarter.

A Bloomberg poll of 30 brokers had estimated net sales of 2,506.9 crore and 29 brokers estimated a net profit of 262.7 crore.

“The quarter witnessed muted cement demand. Sales volume increased 1.6%, however due decrease in selling price by 10%, overall net sales value was lower. Lower cost of input materials could not fully mitigate the impact of lower sales realization," the company said in a press statement issued on Monday.

The company sold 5.88 million tonne of cement in the April-June period, 1.6% higher than a year back.

The company also announced the appointment of Eric Olsen, chief executive officer, LafargeHolcim as additional director, following the completion of the Lafarge-Holcim merger.

The company’s board also approved amalgamation of Dirk India Pvt Ltd, its fully owned subsidiary,with itself.

On Monday, shares of Ambuja Cements closed at 234.30 crore, 2.52% lower from its previous close while the benchmark Sensex closed at 27,561.38, down 1.96%.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 27 Jul 2015, 05:56 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie