Ambuja Cements net soars 188%

CORPORATE SCORECARD

Ambuja Cements, the country's third largest cement maker, has posted a rise of over 188 per cent in its net profit to Rs 878 crore for the quarter ended June 30 compared with Rs 304 crore in the corresponding previous quarter. Its net sales grew to Rs 1,464 crore (Rs 1,134 crore), up 29 per cent.

The increase in net profit was mainly because of the quarter's net gain from sale of company's property in Mumbai along with sale of shares to Holderind Investments aggregating to Rs 575 crore. The company, in which the world's second largest cement maker Holcim holds nearly 30 per cent, did record no such gains in the corresponding previous quarter. Operating profit for the quarter was Rs 594 crore (Rs 433 crore), up 37 per cent. Earning per share (EPS) for the period stood at Rs 5.78 against last year's Rs 2.24.

Considering the one-time, non-recurring income from property and share sales, the company's board announced a total interim dividend of Rs 2.50 per share of Rs 2 each on Friday. The company has a capital expenditure plan of around Rs 3,500 crore to augment its capacity by 6 million tonnes in the next two years, taking it to 22 million tonnes.