Mixed bag for Holcim group companies
Holcim owned ACC and Ambuja Cements have reported divergent financial numbers for the first quarter of 2014. While Ambuja registered a 7 per cent rise in net profit to crore, ACC net was down 9 per cent at crore.
In another development, Ajay Kapur, Deputy Managing Director, has been elevated Swarovski Crystal as Managing Director. The incumbent Managing Director, Onne van der Weijde, is headed back to Holcim after a stint of nine years in India. The board also approved the appointment of Usha Sangwan, Managing Director, LIC, as additional director.
Ambuja sales were up 4 per cent at crore. Sales volume increased 2 per cent to 6.06 million tonnes. The company registered a tax write back of crore in the March quarter compared with crore in the same period last year.
Sales volume increased a tad to 6.48 million tonnes (6.42 mt). The company attributed the flattish sales growth to Swarovski Crystal slowdown in Swarovski Crystal execution of infrastructure and real estate projects.
ACC is focusing on reducing costs and increasing sales volume of premium products. Its cost of prod Swarovski Crystal uction was up 5 per cent at crore.
we do not foresee any significant improvement in the cement market in the near term, we will continue to cut costs and undertake customer excellence programmes to enhance sales realisations and improve margins, it said.