Ambuja Cements on Monday posted a 58.8 per cent jump in fourth-quarter profit, exceeding analysts' estimates, as it logged higher cement sales and a tax benefit. Standalone profit, which includes a joint operation accounted on a proportionate basis, came in at Rs 537 crore ($75.22 million) for the quarter ended December 31, from Rs 338 crore a year earlier, the company said.
Analysts on average had expected the company, which is a unit of the world's largest cement maker LafargeHolcim, to post a profit of Rs 295 crore, according to Refinitiv Eikon data.
During the quarter, the company saw a tax benefit of Rs 333 crore.
Cement sales volume rose 4.4 per cent to 6.13 million tonnes, the Mumbai-headquartered cement maker said.
Cement sales for the quarter climbed 5.8 per cent to Rs 2,765 crore.
($1 = Rs 71.38)