Ambuja Cements' net up 38.3 per cent at Rs 462 cr in Q1

NEW DELHI: Cement producer Ambuja Cements Ltd on Thursday said its net profit rose 38.35 per cent to Rs 462.19 crore in the first quarter ended March 31, 2010.

The company had earned a net profit of Rs 334.05 crore in the quarter ended March 31, 2009, the company announced in a press release.

Total income of the company increased to Rs 2,044.74 crore in the quarter under review from Rs 1,887.23 crore during the corresponding period of the last fiscal, it said.

The production of cement for the quarter under review went up by 7.6 per cent to 5.33 million tonnes as compared to 4.95 million tonnes during the same period of the previous fiscal, it said.

Cement demand remained buoyant during the quarter, growing at approximately 10 per cent year-on-year, mainly as a result of sustained high levels of rural housing and infrastructure spending, it said.

The eastern and western regions were particularly strong, while demand softened to some extent in the southern and northern parts of the country, it said.

Export markets remained relatively depressed, the company said.

The board of directors of the firm has ratified the appointment of Onne van der Weijde, currently the CEO-Designate, as the new Managing Director from May 1, after the retirement of Managing Director A L Kapur on April 30, it added.

Shares of the company closed at Rs 120, down 0.74 per cent from the previous close on the Bombay Stock Exchange.