Ambuja Cement posts net profit of Rs 1,378 cr for December quarter; Bimlendra Jha appointed firm's CEO

Its board has recommended payment of dividend of Rs 1.50 per share with a dividend payout of 31 percent, Ambuja Cement said.

Press Trust of India February 19, 2019 12:19:38 IST
Ambuja Cement posts net profit of Rs 1,378 cr for December quarter; Bimlendra Jha appointed firm's CEO
  • The consolidated revenue from operations stood at Rs 6,728.68 crore

  • The cement volume grew 4.4 percent in the fourth quarter

  • Its board has recommended payment of dividend of Rs 1.50 per share

New Delhi: Ambuja Cement on Monday reported nearly threefold increase in consolidated net profit to Rs 1,377.88 crore in the December 2018 quarter, benefiting from write-back of tax provisions relating to earlier years.

The company, which follows January-December fiscal, had posted a consolidated net profit of Rs 478.39 crore in the corresponding quarter last fiscal, Ambuja Cement said in a regulatory filing.

Its profit after tax includes write-back of tax provisions related to earlier years amounting to Rs 873 crore, the company said.

Ambuja Cement posts net profit of Rs 1378 cr for December quarter Bimlendra Jha appointed firms CEO

Representational image. Reuters

The consolidated revenue from operations stood at Rs 6,728.68 crore in the fourth quarter as compared with Rs 6,173.01 crore in the year-ago period, it added.

"We have registered a steady growth in our topline. In addition, we also have been able to withstand cost volatility during this quarter, thanks to accelerating efforts on alternative fuels, optimised fuel mix and plant efficiency improvements," Ajay Kapur, managing director and chief executive officer at Ambuja Cement said.

He added that a well-defined marketing and commercial strategies, increased sales of value-added premium products and continued focus on customer engagement helped the company improve its reach in core markets.

On the outlook, he said: "The addition of 4.6 million tonne (MT) of cement volumes from the greenfield integrated cement plant at Marwar Mundwa, Rajasthan, will further strengthen our position in high-growth core markets of North and Gujarat."

The cement volume grew 4.4 percent in the fourth quarter, it added.

For the full year 2018, the company's consolidated net profit was Rs 2,973 crore as compared with Rs 1,945 crore in the previous year.

Net sales were at Rs 25,419 crore as compared to Rs 23,126 crore in 2017.

Its board has recommended payment of dividend of Rs 1.50 per share with a dividend payout of 31 percent, Ambuja Cement said.

The company also said Bimlendra Jha, former CEO Tata Steel Europe, has been appointed as the managing director and CEO of Ambuja Cement with effect from 1 March, 2019.

He has been inducted as an additional director and MD and CEO-designate at the board's meeting held Monday, it added.

Updated Date:

also read

Ambuja Cements to invest Rs 2,000 crore in Rajasthan
Business

Ambuja Cements to invest Rs 2,000 crore in Rajasthan

India's third-largest cement maker, Ambuja Cements Ltd., plans to invest Rs 2,000 crore for a five million tonnes integrated cement plant in Rajasthan and the northern region of the country, a top company official said Friday.

Sensex opens flat, Ambuja slumps 12% on Holcim deal
Investing

Sensex opens flat, Ambuja slumps 12% on Holcim deal

The BSE Sensex opened at 20049.04, down 0.21 percent, while the Nifty opened at 5969.10, down 0.36 percent.

Why Ambuja shareholders will lose out from Holcim rejig
Investing

Why Ambuja shareholders will lose out from Holcim rejig

Swiss firm Holcim's move to restructure shareholding in its India units -- ACC Ltd and Ambuja Cements -- is unlikely to benefit minority shareholders<br /><br /> in the near-term, according to analysts.