DLF Cement, which has recently been taken over by Gujarat Ambuja Cements, has decided to close the current financial year in nine months ending June 30 against the previous fiscal ended September 30. This is seen a move to close the financial year in June 30 as practiced by all the Gujarat Ambuja group companies.
DLF Cement, which is being rechristened Ambuja Rajasthan Ltd, has informed all the stock exchanges about the move where the company is listed. Gujarat Ambuja, which controls the majority stake in DLF Cement, aims at reducing interest burden and increasing production capacity to 1.8 million tonnes per annum from the existing level of 1.4 million tonnes. The parent company plans to halve the interest burden of Rs 52 crore by next year. DLF Cements had accumulated losses of around Rs 100 crore as on March 31, 1999.
For the quarter ended June 30, 1999, the company incurred a loss of Rs 9.39 crore.