Ambuja Cement Q2 net down 32% at Rs 577 cr

The company had a net profit of Rs 855.01 crore for the first quarter ended FY'08, Ambuja Cement said in a filing to the Bombay Stock Exchange.     

The total income rose to Rs 1,604.73 crore in the latest quarter, from Rs 1,527.28 crore in the corresponding period last year.     

The board has declared an interim dividend at the rate of Rs 1.20 per piece on shares of face value of Rs 2.     

Further, the company expects that the long term outlook of the cement industry would be positive, despite shot term unfavourable economic conditions.     

"ACL's profit margins are likely to remain under pressure. Nevertheless we will take all measures, which are under our control in order to limit the impact on profitability," the filing added.     

During the quarter the firm commissioned a 1.87 Mw captive power plant in Rajasthan.  
   
The company's major clinkerisation expansion projects in Chhattisgarh and Himachal Pradesh and grinding would add six million tones to the company's cement capacity.     

Further, in a bid to improve logistics capabilities for coastal traffic the company is planning to invest about Rs 250 crore in ships and bulk terminal facilities, the company said.     

Shares of the company were trading at Rs 82.40, down by 0.84 per cent in the late afternoon trade on BSE.