 "ACC & Ambuja Q3FY13 results")
ACC, India's third largest cement maker, beat street estimates for the quarter ended December 31. The Holcim-owned cement maker posted a decline of 46 per cent in its consolidated net profit for the quarter at Rs 251 crore compared with Rs 463 crore last year. Consolidated net sales grew marginally to Rs 2,691 crore during the quarter against Rs 2,642 crore last year.
Ambuja net dips 30%
While sister-concern ACC managed a better-than-expected show, Ambuja’s net profit plunged 30 per cent to Rs 212 crore compared with Rs 302 crore last year.
Directors to step down
Three senior directors from the boards of Swiss major Holcim's Indian companies, ACC and Ambuja Cements, would be stepping down in the coming annual general meetings. They include Naresh Chandra, a member on both boards, M L Bhakta from Ambuja Cements and R A Shah from ACC's board. The companies said they would be stepping down as directors in line with the retirement policy.