India: Ambuja Cements sold 6.7Mt of cement during the second quarter of its 2023 financial year, up by 12% year-on-year. Its standalone revenues were US$443m, up by 13% from second-quarter 2022 financial year levels. Cost growth outstripped sales at 32% year-on-year, resulting in earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$36.7m, down by 57% year-on-year.
CEO Ajay Kapur said "The cement industry has been facing significant margin pressure resulting from a steep rise in global energy prices. However, recent cooling off in energy prices and post-monsoon demand pickup appears to present a silver lining for the coming quarters."
Kapur said that Ambuja Cement's focus is currently on future capacity expansions, with the aim of becoming India's market leader.