Ambuja Cements, India’s third-largest cement maker, expects its annual net profit to rise by up to 15 per cent in 2009 even as industry demand growth slows, its chairman said on Tuesday.
India’s cement sector has recovered from a slowdwon in demand in recent months on resilience in rural consumption and higher government spending on infrastructure.
Across the industry, demand would grow 6-7 per cent in the fiscal year ending March 2010, Ambuja Cements chairman Suresh Neotia said.
While that was below the average growth of 9.3 percent for the past five year, Neotia was still optimistic that his firm would be able to increase revenue by about 15 percent.
"Profit will also grow by 10-15 per cent," he said.