REUTERS - India’s Ambuja Cements, part of global conglomerate LafargeHolcim Ltd, on Friday reported an over four-fold surge in first-quarter net profit, as higher cement sales volume and favourable pricing offset rising costs.
Net profit jumped to 2.47 billion rupees ($38.41 million) in the quarter ended March 31, from 535.1 million rupees in the year-ago period, the cement major said. (bit.ly/2qe221L)
Analysts on average expected the manufacturer of clinkers and cement to post a profit of 2.62 billion rupees, according to Thomson Reuters data.
Cement sales volume rose 2.7 percent in the quarter to 6.02 million tonnes.
($1 = 64.3100 Indian rupees)
Reporting by Tanvi Mehta in Bengaluru; Editing by Amrutha Gayathri