Mumbai: Gujarat Ambuja Cements'' standalone net profit for the quarter ended December 31, 2006, rose by 284 per cent, due to higher productivity and better price realisation. Net profit for the last quarter of its 18-month fiscal amounted to Rs338 crore, against Rs88 crore in the quarter ended December 2005. Net sales rose 72 per cent, to Rs1,329 crore from Rs773 crore, as the company sold 4.12 million tonnes of cement, 20 per cent higher than in the year-ago quarter.

Other income for the quarter was also higher, at Rs40 crore (a negative Rs7.6 crore), on account of exchange gains and profit on sale of assets.

Total expenditure rose by 48.8 per cent, to Rs850 crore, because of increased power, fuel and freight costs.

GACL plans to invest Rs3,350 crore over the next two years increasing its total capacity from 16 mt of cement to 22 mt through brownfield expansions; and its captive power capacity to 400 MW from 240 MW. The funds will come from internal accruals. The company will commission two plants of 1 mt each by April this year in West Bengal and in Uttaranchal.

The company''s board announced a final dividend of 40 per cent, or Rs0.80 per share of Rs2 each. In addition to the two interim dividends in 2005-2006, this makes for a dividend of 165 per cent.

The board also approved the change in name of GACL to Ambuja Cements Ltd.