Ambuja Cements is trading higher by over 3% at Rs 161 after reporting 49% year on year (yoy) growth in standalone net profit at Rs 317 crore for the quarter ended December 31, 2013, mainly on account of tax credit of Rs 100 crore relating to earlier years.
The company, controlled by Swiss major Holcim, had clocked a net profit of Rs 212 crore in the corresponding period of the previous fiscal year.
Total income in the fourth quarter of the ongoing fiscal year (FY14) fell, however, to Rs 2,209 crore, against Rs 2,335 crore in the fourth quarter of FY13, due to poor demand, the company said in a statement.
Ambuja Cements, which follows January-December accounting year, reported a nearly flat net profit for 2013 at Rs. 1,294.57 crore, as against Rs. 1,297.06 crore in the previous year.
"The outlook continues to remain challenging due to difficult macro-economic condition and resultant subdued cement demand," Ambuja Cements said.
However, it said that the company was able to keep its production cost flat year-on-year and would continue to work on improving operational efficiencies, cost optimisation and continued focus on customer and commercial excellence.
The stock opened at Rs 156 and touched a low of Rs 155 on the NSE. A combined 1.1 million shares changed hands on the counter so far on the NSE and BSE.
The company, controlled by Swiss major Holcim, had clocked a net profit of Rs 212 crore in the corresponding period of the previous fiscal year.
Total income in the fourth quarter of the ongoing fiscal year (FY14) fell, however, to Rs 2,209 crore, against Rs 2,335 crore in the fourth quarter of FY13, due to poor demand, the company said in a statement.
Ambuja Cements, which follows January-December accounting year, reported a nearly flat net profit for 2013 at Rs. 1,294.57 crore, as against Rs. 1,297.06 crore in the previous year.
"The outlook continues to remain challenging due to difficult macro-economic condition and resultant subdued cement demand," Ambuja Cements said.
However, it said that the company was able to keep its production cost flat year-on-year and would continue to work on improving operational efficiencies, cost optimisation and continued focus on customer and commercial excellence.
The stock opened at Rs 156 and touched a low of Rs 155 on the NSE. A combined 1.1 million shares changed hands on the counter so far on the NSE and BSE.
