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Ambuja Cement net profit up 6.6 per cent, expects recovery after elections

Ambuja Cement is controlled by Switzerland's Holcim, world's second-largest cement producer.

By: Reuters | New Delhi | Published: April 25, 2014 10:45:27 am

Cement maker Ambuja Cement Ltd reported a forecast-beating 6.6 per cent rise in quarterly profit on higher sales, and expects a revival in the economy after ongoing elections ending on May 16.

“Although macroeconomic condition remains challenging, construction activity is expected to pick up pace after elections,” the company, India’s third-largest cement maker, said in a statement late on Thursday.

Ambuja, controlled by Switzerland’s Holcim Ltd, the world’s second-largest cement producer, reported a net profit of 5.20 billion rupees ($85.2 million) for the first quarter ended March 31, compared with 4.88 billion rupees a year earlier.

Analysts on average had expected the company to post a profit of 3.62 billion rupees according to Thomson Reuters I/B/E/S.
Net sales for the quarter rose about 4 percent to 26.4 billion rupees from a year earlier.

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