Finance Update

Ambuja Cements Q4 standalone profit jumps over 58%

Ambuja Cements 4th quarter standalone profit jumps over 58%

 

Analysts on average had expected the company, which is a unit of the world’s largest cement maker LafargeHolcim Ltd, to post a profit of 2.95 billion rupees, according to Refinitiv Eikon data.

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(Reuters) – India’s Ambuja Cements Ltd on Monday posted a 58.8% jump in fourth-quarter profit, exceeding analysts’ estimates, as it logged higher cement sales and a tax benefit.

Standalone profit, which includes a joint operation accounted on a proportionate basis, came in at 5.37 billion rupees ($75.22 million) for the quarter ended December 31, from 3.38 billion rupees a year earlier, the company said.

Analysts on average had expected the company, which is a unit of the world’s largest cement maker LafargeHolcim Ltd, to post a profit of 2.95 billion rupees, according to Refinitiv Eikon data.

During the quarter, the company saw a tax benefit of 3.33 billion rupees.

Cement sales volume rose 4.4% to 6.13 million tonnes, the Mumbai-headquartered cement maker said.

Cement sales for the quarter climbed 5.8% to 27.65 billion rupees.

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