Ambuja net profit up 6.6 percent, expects recovery after elections
NEW DELHI (Reuters) - Cement maker Ambuja Cements Ltd reported a forecast-beating 6.6 percent rise in quarterly profit on higher sales, and expects a revival in the economy after ongoing elections ending on May 16.
"Although macroeconomic condition remains challenging, construction activity is expected to pick up pace after elections," the company, India's third-largest cement maker, said in a statement late on Thursday.
Ambuja, controlled by Switzerland's Holcim Ltd , the world's second-largest cement producer, reported a net profit of 5.20 billion rupees ($85.2 million) for the first quarter ended March 31, compared with 4.88 billion rupees a year earlier.
Analysts on average had expected the company to post a profit of 3.62 billion rupees according to Thomson Reuters I/B/E/S.
Net sales for the quarter rose about 4 percent to 26.4 billion rupees from a year earlier. ($1 = 61.0550 rupees)
(Reporting by Aditi Shah; Editing by Anand Basu)