Ambuja Cements misses Q4 profit estimate on lower prices

New Delhi, May 01, 2024.

Ambuja Cements, India’s second-largest cement maker by market capitalisation, reported on Wednesday a smaller-than-expected profit rise in the fourth quarter as lower prices weighed.

Cement makers are expected to report subdued income from sales in the reported quarter, owing to a nearly 5 per cent decline sequentially in cement prices across India.

The March quarter usually sees cement makers report strong volumes as they push prices down to clear year-end inventory backlogs. Analysts also expect lower fuel costs and domestic coke prices to help offset weak cement prices.