 "Ambuja cements")
Adani group-promoted Ambuja Cements reported a multi-fold rise in its net profit for the quarter ended September 2023 (Q2FY24) on a year-on-year (Y-o-Y) basis on the back of lower costs compared to a year ago. Sales volumes for the quarter grew at seven per cent.
In Q2FY24, Ambuja Cement's net profit (attributable to the owners of the company) was at Rs 793 crore, seven times higher than Rs 93 crore reported a year ago. Net sales for the company in the quarter under review were at Rs 7,424 crore, up 4.1 per cent Y-o-Y. Other income for the company also rose to Rs 476 crore, from Rs 109 crore a year ago.
Ambuja Cements’ reported profit after tax (PAT) for Q2FY24 was at Rs 987 crore, up from Rs 51 crore a year ago. The company beat Street estimates; in a Bloomberg poll, four analysts estimated a revenue of Rs 3,438 crore, and two analysts estimated an adjusted net income of Rs 616 crore.
Sequentially, the company’s net profit dipped 12.4 per cent.
In its press statement, the company said a new operating business model led to increased focus on improving business parameters, resulting in a reduction of other expenses. Ebitda, the company said, was at Rs 1,302 crore, up from Rs 975 crore a year ago, driven by operational excellence and cost-saving projects. Ebitda margin for the quarter was 17.5 per cent, against 4.6 per cent a year ago.
Ebitda per tonne of cement improved to Rs 995 per tonne from its year-ago low of Rs 255; however, it was below the Rs 1,000 per tonne mark.
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