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Guj Ambuja net soars in third quarter

Mumbai, April 16: Gujarat Ambuja Cements Ltd (GACL) has posted a net profit of Rs 145.23 crore for the quarter ended March 31, 2004 as against Rs 70.57 crore in the corresponding previous quarter.

Total income increased to Rs 592.44 crore from Rs 482.45 crore. The board of directors today recommended an interim dividend of 50 per cent.

The company said that along with its subsidiaries, Ambuja Cement Eastern Ltd and Ambuja Cement Rajasthan Ltd, it has despatched 13.24 million tonnes of cement during the reporting period as against 11.88 million tonnes last year.

The company said this is a remarkable performance considering the fact that the growth of the cement industry during the same period is likely to be about 5 per cent as the total despatches are expected to be about 117 million tonnes for the fiscal 2003-04.

Clinker production by the group for the period was 11.4 million tonnes against 10.5 million tonnes in the corresponding period, a growth of 9 per cent.

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