Ambuja Cement reported a 6.6 per cent rise in net profit for the first quarter of 2014 at Rs.520 crore.
Net sales were up 2.7 per cent at Rs.2,640 crore while operating profit rose 6.1 per cent to Rs.587 crore.
According to a company statement, during the quarter, the High Courts of Gujarat and Delhi approved the scheme of amalgamation of Holcim (India) with Ambuja Cement.
“The effect of the scheme will be given on the fulfilment of certain conditions precedent specified therein,’’ the company said.Change in top leadership
Onne van der Weijde, Managing Director, Ambuja Cement, has resigned from the board of the company with effect from April 25.
He spent over nine years in India and is now going back to the parent, Holcim, the statement said.
Ajay Kapur, at present Deputy Managing Director, will take over the reins on the same date.
Mr. Kapur was identified as successor to Mr. van der Weijde and was appointed CEO effective May 1, 2012.
He was subsequently promoted to the post of Deputy Managing Director on August 1, 2013.
Keywords: Ambuja Cement