Guj Ambuja net climbs 159%

MUMBAI: Buoyed by higher cement prices, Gujarat Ambuja Cements’ net profit in the September quarter was up 159% to Rs 280 crore, as against Rs 108.06 crore in the year-ago period. The company’s turnover during the quarter saw a 50% increase at Rs 1,006.2 crore (Rs 669.8 crore).

Profit before tax was up 66% at Rs 358.3 crore. Despite the severe floods in Gujarat, Maharashtra and Rajasthan, the company’s sales were up 9% to 3.21mt in the September quarter.

GACL shares closed the day at Rs 121.45, up 0.66% on the Bombay Stock Exchange.GACL’s subsidiary Ambuja Cement Eastern (ACEL) posted a substantial increase in profits during the quarter at Rs 33 crore, as compared with Rs 6 crore in the same quarter of the previous financial year.

ACEL’s revenues were up 50% at Rs 147 crore. The process of merging AECL with GACL is progressing well and is expected to be completed by November-end, according to the GACL management.