Ambuja Cements' profit dips 48% in Q3 FY20

Ambuja Cements reported a dip of 48 per cent in its net consolidated profit during the third quarter of the financial year 2019-20. Its profit after tax (PAT) stood at Rs 722.26 crore as against Rs 1,377.88 crore it registered in the corresponding quarter previous fiscal. The company's net income stood at Rs 7,221.65 crore in Q3 FY20, a growth of 5 per cent from Rs 6,851.78 crore it recorded in the similar quarter last year. "Our greenfield project at Marwar Mundwa, Rajasthan, is well on track and will add 4.5 million tonnes to cement volumes in our key growth markets," said outgoing managing director & CEO Bimlendra Jha. "Cement volumes grew about 7 per cent year-on-year, while cement realisation registered a growth of about 3 per cent year-on-year, which led to a top-line growth of 10%," the company said in a media release. The board of directors has recommended payment of dividend of Rs 1.50 per share of Rs 2 aggregating to Rs 298 crore, it said in the release.