 Mumbai:
Gujarat Ambuja Cements registered a 106 per cent increase
in net profit, year on year, for the third financial quarter
ended March 31, 2004. Net profit for the quarter amounted
to Rs. 145.23 crore, as against Rs. 70.63 crore for the
corresponding quarter of the previous year.
The
company has announced an interim dividend of 50 per cent;
this is on the fully diluted equity share capital of Rs176.55
crore, post-conversion of the company''s FCCBs into equity
shares.
Sales
turnover increased 18 per cent, to Rs. 559.10 crore (Rs.
472.11 crore), although sales volumes, at 27.28 lakh tonnes,
increased only 2 per cent. Realisation moved up sharply,
with prices during the quarter ruling at Rs. 140 per bag
(of 50 kgs) whereas prices during the corresponding quarter
of the previous year averaged Rs. 120 per bag.
Total
expenditure rose 11.6 per cent, to Rs. 376.83 crore (Rs.
337.66 crore). "Despite coal prices increasing from
$ 35 per tonne to $ 70 per tonne, we have been able to
contain power and fuel cost rise at 5 per cent, said Mr.
Anil Singhvi, Executive Director, Gujarat Ambuja Cements.
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