May 03, 2013, 02.39 PM | Source: Moneycontrol.com
Ambuja Cements' first quarter (January-March) net profit rose higher-than-expected 56.4 percent year-on-year to Rs 488 crore due to tax writeback and other income.
However, the company disappointed the street with its operational performance.
Net sales 3.3 percent declined to Rs 2,545 crore from Rs 2,631 crore Y-o-Y due to fall in volumes in March quarter.
Volumes dropped 4 percent Y-o-Y to 5.8 mt.
Analysts on an average had expected cement company to report net profit at Rs 380 crore on net sales of Rs 2,664 crore.
Meanwhile, other income jumped 60.75 percent to Rs 149.5 crore Y-o-Y.
Ambuja Cements reported a tax writeback of Rs 117 crore during the quarter.
Operating profit margin slipped 710 basis points year-on-year to 21.3 percent.
At 14:12 hours IST, the stock was quoting at Rs 187.05, down 1.55 percent amid high volumes on Bombay Stock Exchange.
Net Sales are expected to decrease by 13.3 percent
Gaurav Bissa, Derivatives Analyst at LKP Securitie
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