Ambuja Cements appoints Neeraj Akhoury as MD and CEO

Ambuja Cements has appointed Neeraj Akhoury as its new managing director and chief executive officer with effect from 21 February, 2020, the company said in a press release. Akhoury will be taking over from Bimlendra Jha, who resigned with effect from 20 February, 2020, to pursue other interests.

Akhoury was managing director and chief executive officer of ACC Limited since February, 2017. He has 27 years of strong experience across multiple roles including sales and marketing, logistics, corporate affairs including corporate social responsibility, strategy and business development, the company said.

N.S.Sekhsaria, chairman, Ambuja Cements, said in the release: "We are pleased to have Neeraj take over the position of Managing Director and Chief Executive Officer. Neeraj is a cement industry veteran, has years of experience in this business in India and abroad. We are confident that Neeraj will lead Ambuja further to higher levels. We wish to respect Bimlendra's personal decision and thank him for his valuable contribution to the Company and wish him all the best for the future."

Ambuja Cements reported an 8% rise in consolidated net profit in the October-December 2019 quarter, as revenue increased and costs stayed in check.

Cement volumes grew about 7% year-on-year while realisation registered a growth of 3%, which led to a top-line growth of 10%. The quarter saw reduction in key costs of power & fuel and logistics on account of low cost of fuel, operational efficiencies and optimisation in supply chain, the company said. For the quarter, operating EBITDA stood at about Rs548 crore against Rs404 crore in the corresponding quarter of the previous year.