Ambuja Cements disappointed the street with third quarter (July-September) net profit fell 45 percent - higher than analysts' expectations - year-on-year to Rs 166 crore, impacted by lower realisation and higher logistics cost.
Not only Ambuja Cements but also other cement companies like UltraTech Cement , ACC , JK Lakshmi Cement etc reported weak numbers during the quarter due to lower demand and higher cement prices.
Also Read - ACC Q3 net slips 51% to Rs 118.9 cr on lower realisations
The cement industry is going through subdued demand on account of overall economic slowdown, Ambuja said in its release.
Net sales dropped 7.5 percent to Rs 2,005 crore during September quarter from Rs 2,168.4 crore in a year ago period, missing analysts' forecast.
According to a CNBC-TV18 poll, analysts on an average had expected the cement company to report net profit of Rs 211 crore on revenues of Rs 2,050 crore for the quarter.
Earnings before interest, tax, depreciation and amortisation (EBITDA) nearly halved to Rs 255 crore from Rs 515.1 crore Y-o-Y and operating profit margin dropped to 12.7 percent from 23.8 percent during the same period. Analysts had estimated EBITDA at Rs 347 crore and margin at 16.9 percent.
"The outlook continues to remain challenging due to difficult macro-economic condition and resultant subdued demand. The company will continue working on improving efficiencies," Ambuja said.
Sales volume of cement and clinker increased marginally to 4.89 million tonne from 4.79 million tonne year-on-year.
During the current quarter, the company has commissioned a bulk packing terminal of 1 million tonne capacity in Karnataka.
There was an exceptional gain of Rs 25 crore on sale of residential flats during the quarter.
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