New Delhi, Apr 29 (PTI) Ambuja Cements today reported a plunge of 38.9 per cent in its standalone net profit at Rs 317.69 crore for the March quarter due to muted demand and decline in sales.
The company had reported a net profit of Rs 520 crore in the year-ago period, Ambuja Cements said in a BSE filing.
During the quarter under review, the Holcim Group firm registered a dip of 8.1 per cent in its turnover at Rs 2,425 crore, compared with Rs 2,638 crore in the year-ago period.
"The quarter witnessed a muted cement demand. The net sales turnover was lower by 8.1 per cent mainly on account of negative growth in volume by 9 per cent but an improved net cement realisation for the quarter," Ambuja Cement said in a statement.
It added, net profit is lower on account of lower operating EBITDA and due to additional depreciation charge of Rs 40 crore.
The company's operating EBITDA declined 13.4 per cent during the quarter at Rs 510 crore as against 589 crore in the year-ago period.
The company said that it will start mining in Gare Palma coal block, which was bagged during the recent coal auctions, in 2018 and the capex for the developement of the block will be at Rs 370 crore.
Shares of Ambuja Cements were trading at Rs 238.75 per scrip on the BSE, up 3.42 per cent in the afternoon session.