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| Exchange Disseminated Time 03/11/2016 14:52:02 | Ambuja Cements Ltd has announced the following results for the quarter ended September 30, 2016:
The Unaudited Standalone results for the Quarter ended September 30, 2016
The Company has posted a net profit of Rs. 2770.20 million for the quarter ended September 30, 2016 where as the same was at Rs. 1535.70 million for the quarter ended September 30, 2015. Total Income is Rs. 22546.20 million for the quarter ended September 30, 2016 where as the same was at Rs. 21849.70 million for the quarter ended September 30, 2015.
The Consolidated Results are as follows:
The Unaudited Consolidated results for the Quarter ended September 30, 2016
The Group has posted a net profit after taxes, minority interest and share of profit of associates of Rs. 2161.10 million for the quarter ended September 30, 2016 where as the same was at Rs. 1539.30 million for the quarter ended September 30, 2015. Total Income is Rs. 46784.50 million for the quarter ended September 30, 2016 where as the same was at Rs. 21881.30 million for the quarter ended September 30, 2015.
- During the quarter, the Company has received approval from Foreign Investment Promotion Board for acquisition of 24% equity shares of Holcim (India) Private Limited (HIPL), a condition precedent specified in the Scheme of Amalgamation (Scheme) of HIPL with the Company from the appointed date April 01, 2013. Accordingly, HIPL has been amalgamated with the Company from the effective date August 12, 2016. Consequently, the Company has:
a) purchased 24% equity shares of HIPL for cash consideration of Rs. 3,500.27 crores;
b) cancelled 150,670,120 equity shares of Rs. 2 each of the Company held by HIPL, issued, 584,417,928 equity shares of Rs. 2 each to the shareholders of HIPL for remaining 76% equity shares of HIPL, consequently the number of shares of the Company have increased from 1,551,897,421 to 1,985,645,229 equity shares; and
c) recognised goodwill arising on amalgamation amounting to Rs. 2,827.48 crores and amortised it over a period of three years from the appointed date.
As a result the above, Profit / (Loss) after tax from the appointed date till December 31, 2015 aggregating to Rs. (1,713.43) crores has been accounted in "Surplus in the statement of profit and loss" under Reserves and surplus. Further, results of the Company for the quarters ended March 31, 2016 and June 30, 2016 and related earnings per shares have been restated to give effect of the Scheme. Consequently, figures for current periods are not comparable with those of corresponding periods in the previous year.
Pursuant to the amalgamation, profit after tax for the quarter ended June 30, 2016 and quarter & nine months period ended September 30, 2016 is higher / (lower) by Rs. 57.39 crores, Rs. 100.37 crores and Rs. (85.72) crores respectively. |
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