India: Ambuja Cement’s sales rose by 8.4% year-on-year in the first quarter of 2023, to US$520m, from US$483m in the first quarter of 2022. The company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) declined marginally to US$96.4m. Costs rose by 12% to US$453m from US$404m.

During the quarter under review, Ambuja Cement made a milestone payment on an engineering, procurement and construction (EPC) contract under its planned capacity expansion strategy. It subsequently foreclosed the contract, recovering its US$222m advance, ‘in cognisance’ of on-going investigations into its parent company Adani Group.

Ambuja Cement’s chief executive officer Ajay Kapur said "We are pleased to report another strong performance of Ambuja Cement, which has been driven by our strategic initiatives on business excellence, operational efficiencies and synergies. Our focus on operational excellence and cost optimisation measures has yielded improved profitability. We have been able to maintain our growth trajectory and further strengthen our position in the market. With the rise in construction activities across our markets, we see the continuation of the elevated demand and strong volumes in the coming quarters as well.”