Ambuja Cements first quarter net profit declines, India

Ambuja Cements posted a 23.4% drop in its first quarter net profit at INR312.2 crore against INR407.5 crore in the corresponding quarter last year.

The company's 1Q net sales saw a rise of 19% to INR2633.3 crore against INR2212.5 crore in the corresponding quarter last year. Net profit declined due to an additional depreciation charge of INR289 crore.

First quarter dispatches rose to 6.1Mt versus 5.5Mt last year. The company hiked cement prices in March on the back of a 20% railways freight increase and also excise duty hike in the government’s budget.