Gujarat Ambuja sales up 9% to Rs 1,583 cr

Our Corporate Bureau
05 August 2002

Mumbai: Gujarat Ambuja Cements Ltd has performed well during the financial year ended June 2002. Its net profit after the current tax has gone up to Rs 214.84 crore as against Rs 184.10 crore in the previous year.

The company has fared well during the year due to improved productivity, reduction in energy costs and reduction in interest costs. The company has sold during the year 7.18 million tonnes of cement as compared to 6.08 million tonnes in the previous year — an increase of 18 per cent.

The turnover has gone up to Rs 1,583 crore from Rs 1447.85 crore in the previous year — an increase of 9 per cent. The operating profit has gone up to Rs 465.79 crore as against Rs 463.98 crore in the previous year. The cash profit has gone up to Rs 369.15 crore as against Rs 329.90 crore in the previous year.

The cash profit has gone up due to a substantial reduction in interest costs, which have gone down to Rs 96.64 crore as against Rs 134.08 crore — a reduction of about 28 per cent. After providing a depreciation of Rs 137.81 crore (Rs 129.30 crore in the previous year), the profit before tax is higher at Rs 231.34 crore as against Rs 200.60 crore in the previous year — an increase of 15 per cent.

After providing a current tax of Rs 16.50 crore as against Rs 16.50 crore, the profit after current tax is Rs 214.84 crore as against Rs 184.10 crore — an increase of 17 per cent. As per AS-22, the company has provided for the deferred tax liability of Rs 28.32 crore, and the profit after this provision is Rs 186.52 crore.

The board of directors has recommended an increase in dividend of 60 per cent (including an interim dividend of 40 per cent) as against 50 per cent in the previous year, says Gujarat Ambuja whole-time director Anil Singhvi.