Ambuja Cement cracks up
Ambuja Cement is currently the top loser on the BSE, opening lower at Rs.348.50 and going down further to an intraday low at Rs.339.70. Volumes are pretty robust at 3-times.
The market is disappointed with the company’s standalone performance for Q4 (Jan-Dec year ending). Though its revenue showed a 6% (YoY) rise at Rs.3735 crore, net profit was sharply down 36% at Rs.317 crore, down 28% (QoQ).
On a consolidated basis, revenue was down 2% at Rs.7625 crore while net profit showed a 55% decline at Rs.431 crore. The quarter was unfavourably impacted by steep escalation in fuel prices coupled with subdued demand in multiple regions. There was also an exceptional charge of Rs 66 crore due to restructuring.
The company’s sales volume were flat at seven million tonnes per annum (MTPA) in the quarter.