Ambuja Cements posts profit growth in June 2024 quarter

Ambuja Cements Ltd, part of Adani Cement, has reported total income of INR49,361m (US$589.4m) in the quarter ended 30 June 2024, down slightly from the INR49,571m seen in the previous quarter, but up marginally from the INR49,191m posted in the quarter ended 30 June 2023.

Profit before tax fell from INR8665m in the June 2023 quarter to INR6810m in the quarter ended 31 March 2024, before recovering to INR7675m in the June 2024 quarter. Profit after tax over the same time frame fell from INR6448m to INR5322m, before climbing back up to INR5706m. Basic earnings per share declined from INR3.25 in the quarter ended 30 June 2023 to INR2.36 in the same period a year later. 

During the June 2024 quarter, the company also entered into a binding agreement to acquire a 100 per cent stake in Penna Cement Industries Ltd for INR104,220m, adding 10Mta of operational cement production capacity to Ambuja’s portfolio, along with another 4Mta under construction in Andhra Pradesh, Telangana and Rajasthan.