Mumbai, July 24 (IANS) Ambuja Cements on Monday reported a rise of 11.83 per cent in its consolidated net profit to Rs 718 crore for the second quarter (Q2) of 2017 as compared to Rs 642 crore in the corresponding period of last year.
The company posted net sales (net of excise duty) of Rs 6,145 crore, up by 14.67 per cent for the quarter under review from Rs 5,359 crore in the year-ago period.
“Our premium product portfolio is building deeper consumer recognition and driving robust growth,” Ajay Kapur, Managing Director and CEO, Ambuja Cement was quoted as saying in a statement.
“Our investment in concrete laboratories, technical services and new products is paying off. We are improving sales performance and EBITDA, despite rising manufacturing costs, especially power and fuel on the back of rising petcoke prices.”
However, on a standalone basis, the company’s net profit for Q2 declined by 13.27 per cent to Rs 392 crore from Rs 452 crore reported in the corresponding period of 2016.
“Net profit after tax stood at Rs 392 crore against Rs 452 crore in the corresponding quarter of the previous year. PAT is lower due to dividends of Rs 56 crore received from ACC in Q1 2017, whereas the same was received in Q2 2016 for last year,” the company said in a statement.
The company posted net sales (net of excise duty) of Rs 2,823 crore, up by 11.7 per cent in the quarter under review from Rs 2,528 crore in the year-ago period.