Ambuja Cements reported a 6.6% increase in net profit for the quarter ended 31 March. Profits reached Rs.520 crore thanks to a 3.7% increase in net sales, which hit Rs.2640 crore. Sales volumes rose 1.7% y/y to 6.06 million t.
The group is expecting cement demand to improve after elections. Meanwhile, it is continuing its efforts to boost operational efficiency and cost optimisation. Also, in the first quarter of this calendar year, the High Courts of Gujarat and Delhi approved the ‘Scheme of Amalgamation’ of Holcim (India) with the company.
Onne van der Weijde, the company’s Managing Director, stepped down from the Board effective 25 April pursuant to his return to Holcim. Ajay Kapur has been appointed to replace Mr van der Weijde. The board also approved the appointment of Usha Sangwan as an Additional Director.
Indian cement manufacturer ACC posted a net profit of Rs.400 crore for the first quarter of 2014, an 8.7% y/y decline compared to the same period a year earlier.
Indian cement demand increased by approximately 2% y/y in January – February 2014, with notable recovery in the northern, western and central regions due to a rise in construction projects.
Ambuja Cements Ltd received the first runner up award at the Assocham CSR Excellence Awards, held during the 6th Global Corporate Social Responsibility Summit in New Delhi.