Ambuja Cements Q2 net profit up 12% to Rs. 718.24 crore
Ambuja Cements reported 11.85 per cent growth in consolidated net profit at Rs. 718.24 crore for the quarter ended June 30, 2017 due to higher sales. During the same period of the previous fiscal, the company had reported a net profit of Rs. 642.11 crore. Ambuja Cements follows the January-December period as its fiscal year. Net sales during the April-June quarter was Rs 7,050.11 crore compared to Rs 6,117.36 crore in the same period a year ago, up 15.24 per cent. Total expenses during the quarter under review stood at Rs 6,259.83 crore as against Rs 5,430 crore in the year ago period, up 15.26 per cent. Cement sales of Ambuja rose by 7.57 per cent to 12.78 million tonnes (MT) during the June quarter against 11.88 MT in the year-ago period. Ambuja Cements said that its board has approved payment of interim dividend of Rs 1.60 per equity share of Rs 2 each. According to the company, the government's focus on infrastructure, roads and highways, ports and urban infrastructure, smart cities, housing for all and affordable housing, backed by a good moonsoon should help in spurring economic growth in the second half of the year.
It said that the company is well prepared for the implementation of GST which was rolled out from July 1. "The resulting simplification of the tax structure will make it easier to do business and benefit the overall economy in the long run," Ambuja Cements said. The company's total production capacity, including that of its subsidiary ACC Ltd, stands at 63 million tonnes per annum (MTPA).
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