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Guj Ambuja net up 112 pc

Our Bureau

MUMBAI, Oct. 29

GUJARAT Ambuja Cements Ltd has announced a 112 per cent increase in net profit for the quarter ended September 30, 2001. Net profit was at Rs. 53.23 crore as against Rs. 25.06 crore during the corresponding quarter of the previous year.

Turnover rose 17.2 per cent, to Rs. 340.08 crore (Rs. 290.26 crore). The company sold 14.58 lakh tonnes of cement as against 12.81 lakh tonnes.

The company said higher productivity, lower cost of production and better cement realisation during the quarter drove up the operating margin to 38.2 per cent, as compared to 35.2 per cent the corresponding quarter of the previous year.

Other income was higher as well, at Rs. 8.91 crore as against Rs. 3.58 crore. Operating profit rose 30 per cent, to Rs. 114.43 crore (Rs. 88.51 crore). Due to prepayment of high interest bearing debts, interest expenses have reduced to Rs. 24.67 crore as against Rs. 32.22 crore.

Depreciation stood at Rs. 33.53 crore (Rs. 31.23 crore), with profit before tax at Rs. 56.23 crore (Rs. 25.06 crore). The company has provided for taxation of Rs. 3 crore as against no provision at all for the corresponding quarter of the previous year.

The company said it expected growth in demand in the second half of the fiscal year to be good.