Gujarat Ambuja Q1 net profit jumps six-fold

By siliconindia staff writer   |   Wednesday, 20 October 2004, 07:00 Hrs
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MUMBAI: Gujarat Ambuja Cements Ltd, India's third-biggest cement maker by capacity, said on Wednesday that quarterly profit surged as it benefitted from a boom in export prices.
Gujarat Ambuja, also the nation's top cement exporter, said standalone net profit in the first fiscal quarter ended September rose more than six-fold to Rs 904.6 million ($19.8 million).

Net sales climbed 58 per cent to Rs 5.99 billion.

A Reuters poll had forecast a 427 per cent jump in the past quarter's net profit to a median Rs 955 million.

Gujarat Ambuja, which exports about 15 per cent of its output, benefitted from higher cement prices in west Asia, as rising crude oil prices fuelled a construction boom.

On average, global cement prices in the past quarter were $40 per tonne, up nearly 50 per cent from a year ago period.

Gujarat Ambuja sold 3.3 million tonne of cement during July-September, up 16.4 per cent from the year ago period.

Shares in Gujarat Ambuja have risen nearly 17 per cent this year, compared with a 1.7 per cent drop in the key Bombay share index in the same period.


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