Financial Daily from THE HINDU group of publications
Thursday, Apr 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 21, 2005 |
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Financial Performance Corporate Results - Cement Corporate - Bonus Announcements Gujarat Ambuja Q3 net down marginally — Goes for stock split, 1:2 bonus Our Bureau
Mumbai , April 20 GUJARAT Ambuja Cements Ltd, which reported a marginal drop in third quarter results on Wednesday, said its board has recommended issue of bonus shares in the ratio of one equity share for every two held. The board of directors also approved a stock split, in which the Rs 10 face value equity share will be split into shares of face value Rs 2. Mr Anil Singhvi, Executive Director, Gujarat Ambuja Cements (GACL), said, "As the share price of the company is ruling in the Rs 425-450 range, it limits participation by common investors. The stock split will ensure participation by a larger pool." The company's scrip closed on Wednesday at Rs 423.85, up Rs 5.65 from Tuesday. GACL posted a net profit of Rs 143.11 crore for the quarter ended March 31, 2005, marginally down from Rs 145.23 crore in the corresponding quarter last year, even as net sales, at Rs 667.42 crore, registered a 19-per cent growth during the period under review, against Rs 559.29 crore in the corresponding previous quarter. GACL announced an interim dividend of 60 per cent (Rs 6 per equity share of Rs 10 each). The company sold 3.18 million tonnes of cement during the period, up from 2.77 million tonnes the previous third quarter. However, the company said its net profit, excluding non-recurring exchange rate differences was up 24 per cent during the period, at Rs 146.79 crore (Rs 118.53 crore). In the same quarter last year, the company had a gain of Rs 27 crore due to the variation in the rupee-dollar exchange rates. According to the company, it could maintain the profit despite a 26-per cent rise in power and fuel costs at Rs 166.06 crore (Rs 114.91 crore), though sales realisation went up only 4 per cent. On the consolidated front, the cement major posted a net profit of Rs 155.6 crore, marginally lower than Rs 158.63 crore in 2004. Net sale was at Rs 898.92 crore (Rs 690.56 crore), showing a Rs 208.36-crore rise. However, this includes the figures for the erstwhile Ambuja Cement Rajasthan Ltd, which merged with the company in June 2004.
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