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	GUJARAT AMBUJA CEMENTS LIMITED
	Ambujanagar P.O.,Taluka - Kodinar, District-Junagadh, Gujarat - 362 715
	Audited Financial Results
				Nine months	Quarter ended			Year ended			Consolidated Results
				ended			Growth				Year ended
				31.03.2004	30.06.2004	30.06.2003	Growth	30.06.2004	30.06.2003	Growth	30.06.2004	30.06.2003
				(Unaudited)	(Unaudited)	(Unaudited)	%	(Audited)	(Audited)	%	(Audited)	(Audited)
	(Rs. in crores)
	Net Sales / Income from Operations
		Gross Sales		1,614.20	690.98	557.54	24%	2,305.18	2,025.30	14%	2,819.03	2,517.22
		Less : Excise duty paid		241.23	95.84	86.96	10%	337.07	283.05	19%	401.25	338.31
		Net Sales		1,372.97	595.14	470.58	26%	1,968.11	1,742.25	13%	2,417.78	2,178.91
	Other Income :
		- Exchange rate difference (net)		36.48	(27.17)	7.28	-473%	9.31	12.60	-26%	9.66	12.76
		- Others		20.90	20.28	3.92	417%	41.18	23.70	74%	49.53	36.93
				57.38	(6.89)	11.20	-162%	50.49	36.30	39%	59.19	49.69
	Share of Earning of Associates			-	-	-		-	-		0.06	0.97
	Total Expenditure
		a)	(Increase) / Decrease in Stock	(15.34)	4.07	4.28		(11.27)	(4.39)		(51.80)	1.37
		b)	Consumption of raw materials :
			- Clinker Purchased	24.08	9.72	3.84	153%	33.80	29.53	14%	33.80	31.19
			- Others	60.94	23.45	19.97	17%	84.39	70.92	19%	110.27	93.95
				85.02	33.17	23.81	39%	118.19	100.45	18%	144.07	125.14
		c)	Staff Cost (Refer Note 1(a))	60.04	21.31	14.91	43%	81.35	63.46	28%	100.99	80.90
		d)	Power & Fuel	329.37	134.26	112.21	20%	463.63	430.60	8%	550.06	511.12
		e)	Freight & Forwarding :
			- On Sales	226.06	86.84	77.37	12%	312.90	275.42	14%	377.45	335.65
			- On inter-units Clinker transfer	43.88	19.36	16.46	18%	63.24	57.97	9%	104.89	97.56
				269.94	106.20	93.83	13%	376.14	333.39	13%	482.34	433.21
		f)	Other Expenditure	297.70	105.34	89.78	17%	403.04	342.20	18%	541.50	457.51
				1,026.73	404.35	338.82	19%	1,431.08	1,265.71	13%	1,767.16	1,609.25
	Operating Profit			403.62	183.90	142.96	29%	587.52	512.84	15%	709.87	620.32
	Interest (Net) (Refer Note 1 (b))			60.56	17.87	20.77	-14%	78.43	87.94	-11%	90.06	103.11
	Depreciation			122.59	46.02	40.85	13%	168.61	171.34	-2%	208.24	205.90
	Operating Profit before tax and prior
	period items			220.47	120.01	81.34	48%	340.48	253.56	34%	411.57	311.31
	Prior period items :
	Depreciation written back (Refer
	Note 2)			62.84	(2.77)	-		60.07	-		60.07	-
	Expenses on sales promotion			(16.77)	1.50	-		(15.27)	-		(15.27)	-
	Staff cost			(1.63)	(0.15)	-		(1.78)	-		(2.27)	-
				44.44	(1.42)	-		43.02	-		42.53	-
	Operating Profit before tax			264.91	118.59	81.34	46%	383.50	253.56	51%	454.10	311.31
	Provision for taxation :
		- Current tax		19.98	0.32	6.25	-95%	20.30	19.75	3%	20.55	23.31
		- Deferred tax		25.34	1.07	(3.28)	-133%	26.41	11.72	125%	48.25	(59.53)
				45.32	1.39	2.97	-53%	46.71	31.47	48%	68.80	(36.22)
	Less : Minority Interest			-	-	-		-	-		22.87	54.34
	Net Profit			219.59	117.20	78.37	50%	336.79	222.09	52%	362.43	293.19
	2
				Nine months	Quarter ended			Year ended			Consolidated Results
				ended							Year ended
				31.03.2004	30.06.2004	30.06.2003	Growth	30.06.2004	30.06.2003	Growth	30.06.2004	30.06.2003
				(Unaudited)	(Unaudited)	(Unaudited)	%	(Audited)	(Audited)	%	(Audited)	(Audited)
	Paid up Equity Share Capital
	(Face value Rs. 10/- each)			166.35	179.40	155.30		179.40	155.30		179.40	155.30
	Reserves excluding Revaluation
	Reserves							1,842.29	1,461.25		1,563.51	1,259.31
	Earning per share (EPS - in Rs.)
		Basic		13.92	7.75	5.05		21.24	14.31		22.77	18.89
		Diluted		13.18	7.11	4.49		19.62	12.80		21.02	16.86
	(EPS for quarters/nine months
	not annualised)
	Aggregate shareholding of non promoters :
		- No. of shares (in crores)						13.68	11.26
		- Percentage of shareholding						76.2%	72.5%
	Notes:
	1)	Change in Accounting Policy :
		(a) Ex-gratia to employees, hitherto accounted on payment basis has, this year, been accounted on accrual basis. As a result, the profit for the year is lower by Rs.5.98 crores.
		(b) In compliance with Accounting Standard-26, the premium paid on premature repayment of term loans, hitherto amortised over the unexpired period of the loan has, this year, been charged to Profit and Loss Account .As a result, the interest (net) is higher by Rs.2.79 crores and the profit for the year is lower by to that extent.
	2)	The Company, during the year, has reclassified certain fixed assets and rectified the rate of depreciation. Further, Spares worth Rs.15.40 crores have been identified as Machinery Spares in accordance with Accounting Standard Interpretation - 2 . The resultant excess depreciation of Rs.60.07 crores provided in earlier years has been written back.