Ambuja Cements' net profit fell 35.6% to Rs 154 crore on 4.3% decline in net sales to Rs 2095 crore in Q3 September 2015 over Q3 September 2014. The result was announced after market hours yesterday, 28 October 2015.
The company's operating EBITDA (earnings before interest, taxation, depreciation and amortization) fell 21.1% to Rs 310 crore in Q3 September 2015 over Q3 September 2014.
Ambuja Cements attributed the decline in bottom line during the quarter to lower operating EBITDA and due to additional depreciation charge of Rs 28 crore on implementation of Schedule II of the Companies Act, 2013.
A provision of Rs 40 crore has been recognised in Q3 September 2015 towards contribution to District Mineral Foundation and National Mineral Exploration Trust as per The Mines and Mineral (Development and Regulation) Amendment Act, 2015. This includes Rs 27 crore up to previous quarters.
With regard to the update on scheme of amalgamation of Holcim India with the company, by which Ambuja Cements will acquire 50.01% shareholding in ACC, Ambuja Cements said that the scheme was recommended by the Foreign Investment Promotion Board (FIPB) and is awaiting approval of the Cabinet Committee on Economic Affairs (CCEA).
On future business outlook, Ambuja Cements said that the long term outlook for cement demand remains positive considering the Government's focus on housing, concrete roads, smart cities and infrastructure development. Ambuja Cements said it will continue to focus on improving operational efficiencies.
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