Ambuja Cements Ltd., one of the lowest-cost producers of cement, reported a lower stand-alone net profit for the first-quarter, hurt by on-time additional depreciation charge.
The Junagadh-based company posted a first-quarter stand-alone net profit of Rs.312.22 crore or Rs.2.03 per share, down by 23 percent from the Rs.407.48 crore or Rs.2.65 per share in the first-quarter of 2011
The results for the quarter included a one-time charge of Rs.279.13 crore, under exception item, towards additional depreciation for earlier years consequent to change in the method of providing depreciation on fixed assets pertaining to captive power plants from the straight line to the written down value.
The stand-alone profit for the current quarter would have been higher by Rs.195.29 crore, had the company continued to use the earlier method of depreciation, the company said.
Its quarterly stand-alone net income from operations was Rs.2,633.31 crore, up by 19 percent from the Rs.2,212.51 crore in the previous year, while 'other operating income' was Rs.27.62 crore, compared with the Rs.9.96 crore in the first quarter of last year.
At the BSE, Ambuja Cements closed Thursday's trading at Rs.164.75, down by 0.81 percent from the previous close.
by RTT Staff Writer
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