Ambuja Cement's Net Profit Rises 7% in Q1FY20
New Delhi: The consolidated net profit of Ambuja Cements Ltd increased by about 7 percent to Rs 742.59 crore for the first quarter (Jan-March) ended March 31 2020. The company had a net profit of Rs 695.30 crore in same quarter of the previous fiscal.
However, revenue from operations dropped 8.50 percent to Rs 6,249.66 crore in the first quarter of 2020 as compared to Rs 6,830.70 crore in the same quarter of the previous fiscal, the company said in a regulatory filing.
"Till February, we had recorded a healthy volume growth, which was impacted in March 2020 due to the nationwide lockdown,” said Neeraj Akhoury, MD and CEO, Ambuja Cements.
Company’s total expenses went down 2.44 percent at Rs 5,388.38 crore in the first quarter of 2020 as compared to Rs 6,151.66 crore. The consolidated numbers of the company includes the financial performance of its step-down firm ACC Ltd.
During the first quarter, company' sales volume dropped 9.57 percent to 5.76 million tonnes as compared to 6.37 million tonnes in the same quarter of the previous fiscal.
On standalone basis, Ambuja Cement’s net profit dropped by 6.52 percent to Rs 399.10 crore as compared to Rs 426.98 crore in same quarter of the previous fiscal. The revenues from operations dropped 3.41 percent to Rs 2,827.54 crore as compared to Rs 2,927.62 crore in the same quarter of the previous fiscal.