Ambujanagar P.O.,Taluka - Kodinar, District-Junagadh, Gujarat - 362 715
Unaudited Quarterly Financial Results
			Quarter ended		Six months ended		Previous
							Year ended
			31.12.2004	31.12.2003	31.12.2004	31.12.2003	30-6-2004
							(Audited)
(Rs. in crores)
Net Sales / Income from Operations
	Gross Sales		735.64	517.73	1,426.87	962.18	2,305.18
	Less : Excise duty paid		115.81	82.23	207.66	148.57	337.07
	Net Sales		619.83	435.50	1,219.21	813.61	1,968.11
Other Income :
	- Exchange rate difference (net)
	(Refer Note 1)		31.07	3.60	32.12	9.78	9.31
		- Others	9.77	6.11	20.88	14.26	41.18
			40.84	9.71	53.00	24.04	50.49
Total Expenditure
	a)	(Increase) / Decrease in Stock	10.12	(16.95)	5.78	(9.66)	(11.27)
	b)	Consumption of raw materials :
		- Clinker Purchased	-	7.58	-	11.45	33.80
		- Others	30.76	22.09	55.57	38.73	84.39
			30.76	29.67	55.57	50.18	118.19
	c)	Staff Cost	24.40	18.05	47.92	40.95	81.35
	d)	Power & Fuel	178.51	117.11	338.30	214.46	463.63
	e)	Freight & Forwarding :
		- On Sales	94.48	72.53	183.83	138.67	312.90
		- On inter-units Clinker transfer	20.95	16.06	38.38	27.79	63.24
			115.43	88.59	222.21	166.46	376.14
	f)	Other Expenditure	124.64	96.14	246.27	187.26	403.04
			483.86	332.61	916.05	649.65	1,431.08
Operating Profit			176.81	112.60	356.16	188.00	587.52
Interest (Net)			20.30	22.11	41.32	41.64	78.43
Depreciation and Amortization			49.31	40.61	99.58	81.43	168.61
Operating Profit before tax and prior
period items			107.20	49.88	215.26	64.93	340.48
Prior period items :
Depreciation written back			-	48.98	-	62.84	60.07
Expenses on sales promotion			-	(11.62)	-	(16.77)	(15.27)
Staff cost			-	(1.63)	-	(1.63)	(1.78)
			-	35.73	-	44.44	43.02
Operating Profit before tax			107.20	85.61	215.26	109.37	383.50
Provision for taxation :
	- Current tax		7.75	6.54	15.65	8.37	20.30
	- Deferred tax		9.90	19.53	19.60	26.64	26.41
			17.65	26.07	35.25	35.01	46.71
Net Profit			89.55	59.54	180.01	74.36	336.79
			Quarter ended		Six months ended		Previous
							Year ended
			31.12.2004	31.12.2003	31.12.2004	31.12.2003	30-6-2004
							(Audited)
Paid up Equity Share Capital
(Face value Rs. 10/- each)			179.59	158.31	179.59	158.31	179.40
Reserves excluding Revaluation
Reserves							1,842.29
Earning per share (EPS - in Rs.)
	Basic		4.99	3.82	10.03	4.78	21.24
	Diluted		4.97	3.45	10.00	4.34	19.62
(EPS for quarters / half-year not annualised)
Aggregate shareholding of non promoters :
	- No. of shares (in crores)				13.71	11.66	13.68
	- Percentage of shareholding				76%	74%	76%
Notes:
1)	In accordance with Accounting Standard AS-11 "Effect of Change in Foreign Exchange Rates (Revised 2003)" which is applicable from the current financial year, the exchange difference on foreign currency borrowing for acquisition of indigenous fixed assets have been recognised in the profit and loss account. As a result of this change, the profit for the quarter and half-year ended 31st December, 2004 is higher by Rs. 6.21 crores and Rs. 6.82 crores respectively.
2)	At the beginning of the quarter ended 31st December, 2004, 1 investor complaint was pending. During the quarter 29 complaints were received, 29 complaints were resolved and 1 complaint was pending disposal as on 31st December, 2004.
3)	The company has only one business segment Cement.
4)	The figures for the current quarter / half-year includes figures for the erstwhile Ambuja Cement Rajasthan Limited which merged with the Company w.e.f. 1st June, 2004. Accordingly, figures for the current quarter / half-year are not comparable with those of the corresponding quarter / half-year of the previous year.
5)	The figures for the corresponding quarter / half-year of previous year have been regrouped/restated wherever necessary.
6)	The above results have been approved and taken on record by the Board of Directors of the Company at the meeting held on 20th January, 2005.
					By the Order of the Board
	Mumbai				(N S Sekhsaria)
	20th January, 2005				Managing Director