Ambuja Cements, a part of Swiss firm LafargeHolcim, on Thursday reported an increase of 34.06 percent in consolidated net profit at Rs 968.24 crore for December quarter 2020, helped by volume growth. The company, which follows January-December financial year, had clocked a net profit of Rs 722.26 crore in October-December 2019, Ambuja Cements said in a BSE filing.
Revenue from operations was up 4.58 percent to Rs 7,452.87 crore during the quarter as compared to Rs 7,126.44 crore in the year-ago period. Total expenses were at Rs 6,434.43 crore, up marginally from Rs 6,372.09 crore in fourth quarter of 2019.
The consolidated results of Ambuja Cements also include the financial performance of its step-down firm ACC Ltd. On a standalone basis, Ambuja Cements reported an increase of 9.27 percent in its net profit at Rs 497.10 crore as against Rs 454.90 crore in the corresponding quarter of previous year.
Revenue from operations was Rs 3,515.11 crore as against Rs 3,135.88 crore a year ago. Ambuja Cements' sales volume also increased to 7.01 million tonne from 6.54 million tonne earlier.
For the year 2020,Ambuja Cements' consolidated net profit was up 11.63 percent to Rs 3,106.84 crore as against Rs 2,783.16 crore a year ago. However, revenue from operations for 2020 was down at Rs 24,516.17 crore from Rs 27,103.55 crore in 2019.
Ambuja continues its journey of delivering strong performance with EBITDA growth of 40 percent in the quarter and 23 percent for the full year 2020. Margin expanded by 410 basis points(bps) during the quarter and 480 bps for the full year backed by strong performance in price, volume and costs," Ambuja Cements Managing Director and CEO Neeraj Akhoury said. We have witnessed significant acceleration in volumes under the MSA with ACC, he added.
In a separate filing, Ambuja Cements said its board has recommended a final dividend on equity shares at the rate of Rs 1/- per share subject to the approval of the shareholders at the ensuing Annual General Meeting. Shares of Ambuja Cements on Thursday settled at Rs 282.85 apiece on the BSE, down 1.36 percent from the previous close.