Gujarat Ambuja Q1 net profit jumps six-fold

By siliconindia staff writer   |   Wednesday, 20 October 2004, 07:00 Hrs
Printer Print Email Email
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.

Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..