Ambuja Cements December quarter net rises 49 per cent to Rs 316 crore

Ambuja Cements' standalone net profit for the quarter ended December rose 49 per cent to Rs 316.50 crore on lower sales caused by poor demand.

The company, controlled by Swiss major Holcim, had clocked a net profit of Rs 211.97 crore in the corresponding period of the previous fiscal year (2012-13).

Total income in the fourth quarter of the ongoing fiscal year (FY14) fell, however, to Rs 2,209.38 crore, against Rs 2,335.19 crore in the fourth quarter of FY13, 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.

"Net profit after tax of Rs 1,295 crore is at the same level of the year 2012, mainly due to exceptional item representing charge of Rs 279 crore in the year 2012 and write back of income tax provision of Rs 241 crore in the year 2013," it said.

Total income of the company fell to Rs 9,160.35 crore last year from Rs 9,730.30 crore in 2012. Sales also fell marginally to 21.60 million tonne, from 21.99 MT.

"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.

Ambuja said its board has recommended a final dividend of Rs 2.20 per share and together with the Rs 1.40 per share of interim dividend, the total dividend for the year is Rs 3.60 per share.