India’s third largest cement maker, Gujarat Ambuja Cements posted a 6.6 pct rise in first quarter net profit and said its managing director has resigned and will be replaced by AL Kapur.
The company reported a net profit of 5.907 bln rupees for the quarter to March 31, compared with 4.128 bln the year earlier.
It added that managing director Anil Singhvi, who took office on Jan 30, 2006, has resigned and will be replaced by Kapur effective May 1.
GAC said first-quarter total income, net of excise, was 17.003 bln rupees compared with 11.311 bln the year earlier. In this year’s annual budget, the Indian finance minister cut excise duty on cement costing 190 rupees a bag to 350 rupees from 400 while cement with a higher price will have an excise duty of 600 rupees per tonne.
Swiss cement major, Holcim Ltd holds a stake in Gujarat Ambuja Cements.
GAC added that the setting up of the cement grinding units of 1 mln tonne each in the Indian states of West Bengal and Uttaranchal are ’progressing well’ and both would be commissioned during the current quarter.
’The upgradation of the cement plant at Rabriyawas in Rajasthan is progressing well and is likely to be completed by July 2007 wherein its clinkering capacity will go up to 2 mln tonnes from 1,’ it said.