This cement stock surged 7% on strong June quarter numbers

According to the company, the profit after tax during the quarter under review rose to Rs 499 crore (including dividend from ACC at Rs 141 crore) from Rs 392 crore for the corresponding period of the previous year. 

This cement stock surged 7% on strong June quarter numbers
Ambuja Cement share price added as much as 7.63 per cent to Rs 225.50. Image source: Reuters
By ZeeBiz WebTeam
Updated: Thu, Jul 26, 2018
03:00 pm
ZeeBiz WebDesk
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Ambuja Cement share price rallied over 7 per cent on Thursday after the cement manufacturer reported a rise of 27.29 per cent in its standalone net profit for the quarter ended June 30, 2018. Reacting to earnings, the stock added as much as 7.63 per cent to Rs 225.50 on the BSE. 

According to the company, the profit after tax during the quarter under review rose to Rs 499 crore (including dividend from ACC at Rs 141 crore) from Rs 392 crore for the corresponding period of the previous year. 

The company's net sales grew to Rs 2,927 crore from Rs 2,817 crore earned during the quarter ended June 30, 2017.

"Ambuja is well positioned to benefit from the upsurge in rural demand and the encouraging external environment," Ambuja Cement`s MD and CEO Ajay Kapur was quoted as saying in a statement. 

"Our consistent customer-connect initiatives, pursuit of operational excellence and continued focus on the retail segment is helping us reduce the impact of rising cost pressures." 

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However, on a consolidated basis the company`s net profit during the quarter under review declined by 5.40 per cent to Rs 525 crore from Rs 555 crore reported for the corresponding period of the previous fiscal.