Ambuja Cement, which is now a part of Adani Cement, reported on Friday a 68% decrease in standalone net profit for the quarter ended September 30, 2022 (Q3FY23) compared to the same time last year, coming in at 138 crore. In afternoon transactions, Ambuja shares were marginally down at 510.10% and trading at 510.10 per share on the NSE.
The company’s net sales for the January–December fiscal year increased by 14% to Rs.3,631 crore in the third quarter of 2022 from Rs.3,193 crore the previous quarter.
The increase in fuel prices had a substantial influence on EBITDA, or Earnings Before Interest, Taxes, Depreciation, and Amortization, which came in at Rs.304 crore.
Gautam Adani now chairman of Ambuja Cements
Gautam Adani is currently the Chairman of the Board of Ambuja Cements following the Adani Group’s acquisition of the company.
Additionally, Ambuja Cements holds 50.05% of ACC Ltd.
The purchase of Ambuja Cements and ACC by Adani Group was completed last month for a total price of USD 6.5 billion, which included the purchase of Swiss industrial giant Holcim’s shareholding in the two companies as well as subsequent open offers to minority shareholders.
Days after the purchase, the Adani Group pledged to the Deutsche Bank Hong Kong Branch its whole 13 billion USD share in Ambuja Cements and ACC Ltd.
Through the Mauritius-based SPV Endeavour Trade and Investment Limited (ETIL), which is owned by Xcent Trade and Investment Ltd., Adani purchased Ambuja Cement and ACC (XTIL).
