 "Ambuja Cements Q1 net down 4% at Rs 304 cr")
Ambuja Cements, part of the Swiss cement giant Holcim, has posted a decline of 4.4% in its net profit at Rs 304 crore for the quarter ended 31 March, 2016. The company's net sales marginally declined to Rs 2,418 crore against Rs 2,425 crore in the same period last year- a drop of 0.3%.
The company sold 5.86 million tonnes of cement during the quarter, up 9.5%, against 5.35 million tonne in the previous corresponding quarter.
In a statement, Ambuja said, "On the back of good cement demand, volume was up 9.5% as compared to corresponding quarter."
It further added that during the quarter energy cost was lower by 19% due to low fuel prices and increased usage of pet coke and alternative fuel.
Stocks of Ambuja traded weak in today's trade and closed 2.28% down at Rs 220.25 on the BSE.
In its outlook, Ambuja said, "Considering favourable announcements in the Union Budget and other initiative by the government... the medium to long term outlook for cement demand remains positive."
The company follows calendar year for its financial accounting.
