Ambuja Cements reported a decline of 56 per cent in its consolidated profit in the first quarter of the financial year 2020-21. Its profit after tax (PAT) stood at Rs 592.51 crore as against Rs 1,335.10 crore it had registered in the corresponding quarter previous fiscal, the company said in a BSE filing.
The company’s net income stood at Rs 4,755.01 crore in Q1 FY21, a dip of 34 per cent from Rs 7,184.52 crore it recorded in the similar quarter last year.
Cost delivery for the quarter was pivoted around raw material, power & fuel, logistics costs and other fixed costs. Network optimization gained momentum due to acceleration of Master Supply Agreement {MSA) with ACC, the company said.
Ambuja Cements’ net income stood at Rs 11,146.48 crore in the first half of 2020 as against Rs 14,277.79 crore in H1 2019. While the PAT was Rs 1,335.10 crore in H1 2020 as against Rs 1,527.05 crore registered in H1 2019.
“Ambuja has recorded yet another quarter of very strong results with operating EBITDA margin of 28%. In spite of complete lockdown in April, volume decline of 29% was more than offset by lower costs, which fell by 31%,” said Neeraj Akhoury, managing director & CEO of the company.
Its greenfield project at Marwar Mundwa, Rajasthan is progressing, the company informed in the regulatory filing.