Business Today
Loading...

Ambuja Cement Q2 result: Profit rises 10% to Rs 453 crore, COVID-19 hits sales

The revenue from operations stood at Rs 2,176.75 crore in the April-June quarter compared with 2,983.56 crore a year ago, the company said in a regulatory filing

twitter-logoBusinessToday.In | July 24, 2020 | Updated 19:58 IST
Ambuja Cement Q2 result: Profit rises 10% to Rs 453 crore, COVID-19 hits sales

Ambuja Cement on Friday posted a 10 per cent rise in standalone net profit at Rs 453.37 crore in the second quarter of calendar year 2020. In the corresponding period a year back, the company had reported a net profit of Rs 412.05 crore.

The revenue from operations stood at Rs 2,176.75 crore in the April-June quarter compared with 2,983.56 crore a year ago, the company said in a regulatory filing.

Ambuja Cement also said that coronavirus lockdown negatively impacted its volumes in Q2CY20. In the given quarter, cement sales saw a fall of 29 per cent as against the corresponding period of last year, the company added.

"Ambuja has recorded yet another quarter of very strong results with operating EBITDA margin of 28 per cent. In spite of complete lockdown in April, volume decline of 29 per cent was more than offset by lower costs, which fell by 31 per cent," said Neeraj Akhoury, Managing Director & CEO.

"Our sharp focus on cost reductions across value chain and cash management has helped to further strengthen our strong balance sheet. Ambuja has remained resolutely focused on health, productivity and cost along with working closely with the community," he added.

"With resumption of economic activities, GDP growth is expected to enter a positive trajectory. Cement demand is also expected to rebound on account of normal monsoon, various policy support measures taken to enhance rural and agricultural incomes," the company said.

Also Read: Fitch downgrades Future Retail's IRD to 'C' after missed interest payment of $14 million

Also Read: Independence Day celebrations: Govt issues fresh guidelines amid coronavirus; check details

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close