Ambuja Cements, a unit of Swiss-based building materials company Holcim Group, saw a major decline in profits. These results have come at a time when the process of sale of the business of Ambuja Cements is going on. According to media reports, Gautam Adani’s group has shown interest in buying cement business. Apart from this, Radhakishan Damani, owner of retail chain Avenue Supermart, is also planning to invest in Ambuja.
Profits fall: For the first quarter ended March 2022, profit declined by 30.26 per cent to Rs 856.46 crore. Due to this, the company had earned a net profit of Rs 1,228.24 crore in the same quarter last year. Let us tell you that the financial year of the company is from January to December.
Increase in income: In a communication to the BSE, Ambuja Cements said its operating income grew 2.4 per cent to Rs 7,900.04 crore during the quarter as against Rs 7,714.81 crore in the year-ago quarter.
Read this-In the race to buy Ambuja Cement business, Damani will also sign a deal with Adani!
The company’s total expenses during the quarter jumped 10.3 per cent to Rs 6,813.15 crore as against Rs 6,176.76 crore in the year-ago quarter.