Mumbai, Jul 25: Ambuja Cements reported a 33 per cent decline in its net profit at Rs 577 crore for the first quarter ended June 30, 2008. The Company in a release said the sales had increased by eight per cent at Rs 1,570 crore. The board of directors of the Company have recommended an interim dividend of 60 per cent i.e Rs 1.2 per share, the release said.
The increase in cement price during the quarter has been moderate at five per cent year-on-year and one per cent sequentially.
Consequently, EBIDTA is 18 per cent lower than same quarter last year at Rs 485 crore.
The Company has realised an exceptional gain of Rs 303 crore on the sale of its remaining stake in Ambuja Cement India to Holderind Investments in accordance with the put and call option agreement between the two companies, the release added.