Ambuja Cement net profit rises 123% to Rs 1,089.55cr

AHMEDABAD: Adani Group-owned, Ambuja Cement, posted a consolidated net profit of Rs 1,089.55 crore during the third quarter of FY 2024. The company’s profits rose 123% as compared to Rs 487.88 crore in the corresponding quarter of FY 2023.
Backed by price hikes and rising demand for building materials, the company’s revenues got a major boost. Ambuja Cements posted a 2.8% rise in its consolidated revenue from operations which settled at Rs 8,128.8 crore.On a sequential basis, revenue rose 9.4% and profit surged 10.4%.
“The cement Industry is expected to have a demand growth between 7% and 8% because of investments in infrastructure and real estate projects,” the company said in a statement.
“Higher consumption of domestic coal helped in improving coal cost and the trend is expected to continue. The opportunity to buy low cost pet coke in the past few weeks will help to further optimise fuel costs in the coming quarters and this augurs well in our cost optimization journey,” the company added in a statement.