Ambuja Cements, a part of the Adani Group, reported a 52.10% decline in net consolidated profit for the quarter ending September 30, 2024. The profit after tax stood at Rs 4.72 billion, down from Rs 9 .87 billion in the same period last year, according to the company’s filing with the Bombay Stock Exchange (BSE).
The company’s total consolidated income for Q2 FY25 was Rs 78.90 billion, slightly lower than the Rs 78.99 billion recorded in the corresponding quarter of the previous fiscal.
Ajay Kapur, the company’s CEO and Whole-time Director, commented, “Following the successful completion of the Orient Cement transaction, we are on track to achieve a 100+ MTPA capacity by the end of this fiscal year.”
Ambuja Cements reported an increase in net worth by Rs 4.5 billion during the quarter, bringing it to Rs 599.16 billion. The company remains debt-free and maintains its CRISIL AAA (Stable) / CRISIL A1+ ratings. As of September 30, 2024, cash and cash equivalents stood at Rs 101.35 billion.
The company recorded a 9% year-on-year increase in sales volume, reaching 14.2 million tonnes in Q2 FY25.
During the quarter, Ambuja Cements invested Rs 22 billion by subscribing to 8% non-convertible cumulative redeemable preference shares (RPS) issued by its subsidiary, Sanghi Industries.
Additionally, the company announced a binding agreement to acquire a 46.8% stake in Orient Cements at an equity value of Rs 81 billion, solidifying its expansion strategy.
(ET)