Ambuja Cements net profit up 50% in Q2

Mumbai, Oct 24 (IANS) Cement maker Ambuja Cements on Tuesday posted a 50 per cent rise in its consolidated net profit after tax to Rs 351 crore in the quarter ended September 30, 2017 as compared to Rs 234 crore in the corresponding period last year.

Its net sales in the quarter under review grew by 20.4 per cent to Rs 5,318 crore as against Rs 4,417 crore in the year-ago period.

The company sold 10.98 million tonnes of cement during the three months ended September 30, as compared to 9.56 million tonnes sold in the same period last year.

"Our strategy to focus on key markets, premium products and value based pricing has paid off, leading to strong net sales and Ebitda growth," said company's Managing Director and CEO Ajay Kapur.

The cement maker also said its operating Ebitda (earnings before interest, tax, depreciation and amortisation) grew by 30.4 per cent to Rs 773 crore in the quarter from Rs 593 crore in the same period last year.

"Our subsidiary company - ACC has posted impressive results for the quarter ended September 30, 2017. Net sales for the quarter are up by 25 per cent to Rs 3,054 crore, Ebitda is up by 47 per cent to Rs 416 crore and net profit is up by 102 per cent to Rs 182 crore," the company said in a statement.

The firm remains positive on cement demand growth.

"The government has identified the construction and infrastructure sector as one of the key sectors that will help improve overall economic growth.

"Infrastructure projects in the areas of power, irrigation, roads, metros and railways, as well as dedicated freight and industrial corridors, are likely to generate strong cement demand in the country," it said.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)