Cement manufacturer Ambuja Cement?s net profit rose 56.3% to R488 crore in the January-March quarter against R312 crore in the corresponding quarter last year due to an exceptional item in last year’s fourth quarter and write-back of income-tax provision in January-to-March 2013.
The company reported an additional depreciation charge of R279 crore in fourth quarter of 2011-2012 and write-back of income-tax provision of R117 crore in the quarter ended March 31, 2013.
Net sales during the quarter were down 3.3% to R2,545 crore against R2,631 crore in the year ago quarter.
Cement sales declined 4.1% to 5.80 million tonne. The production of cement was also lower by 4.1% to 5.84 million tonne, said a statement from the company.
The Ebitda for the quarter was down by 27.8% to R553 crore. Giving a bleak view of the industry going forward, Ambuja said, ?In an environment of over-capacity, realisations are under pressure.? However, the company hopes to beat these by improving operational efficiency and productivity, it said.
Ambuja Cements? share price closed flat at R188.20 on Friday at the Bombay Stock Exchange.
ACC, meanwhile, reported quarterly earnings that missed Street estimates both in terms of topline and bottomline. The net profit grew to R438 crore in the first quarter of the calendar year 2013 compared to R151.6 crore in the same quarter last year. The jump in profit was significant due to the corresponding quarter of last year having an exceptional loss of R335 crore.
ACC?s share price closed down 1.56% at R1,229.80 on Friday at the BSE.