Ambuja Cements posts 28 per cent drop in net profit to Rs 592 crore in Apr-Jun
Ambuja Cements' consolidated net profit declined by 28.76 per cent to Rs 592.51 crore for the quarter ended on June 30 on account of COVID-19 related disruptions.
The company, which follows January-December financial year, had clocked a net profit of Rs 831.75 crore a year ago, Ambuja Cements said in a BSE filing on Friday.
Its revenue from operations was down 34.34 per cent at Rs 4,644.17 crore during April-June quarter, from Rs 7,074.08 crore in the corresponding quarter previous year.
Ambuja Cements' total expenses declined 34.92 per cent to Rs 3,845.41 crore, compared to Rs 5,909.22 crore.
The consolidated result of Ambuja Cements also includes the financial performance of its step-down firm ACC Ltd.
On a standalone basis, Ambuja Cement, part of Swiss firm LafargeHolcim, reported a 10.02 per cent increase in its net profit to Rs 453.37 crore as against Rs 412.05 crore in the year-ago period.
On Friday, it was erroneously reported that the standalone net profit has declined.
The net profit included a Rs 132 crore dividend received from ACC Ltd.
Its revenue from operations fell 27.04 per cent to Rs 2,176.75 crore during the quarter, compared to Rs 2,983.56 crore a year ago.
During the quarter, Ambuja Cements sales volume declined 28 per cent to 4.19 million tonnes as against 5.82 million tonnes.
"Ambuja has recorded yet another quarter of very strong results with operating EBITDA margin of 28 per cent. In spite of complete lockdown in April, volume decline of 29 per cent was more than offset by lower costs, which fell by 31 per cent," Ambuja Cement MD and CEO Neeraj Akhoury said.
Ambuja Cements focus on cost reductions across value chain and cash management has helped it further strengthen our strong balance sheet, he said.
Shares of Ambuja Cement Ltd on Friday settled at Rs 201.05 on the BSE, up 1.57 per cent from the previous close.
