GUJARAT AMBUJA CEMENTS LIMITED
Ambujanagar P.O.,Taluka - Kodinar, District-Junagadh, Gujarat - 362 715
Unaudited Quarterly Financial Results
			Quarter ended		Nine months ended		Previous
							Year ended
			31.03.2004	31.03.2003	31.03.2004	31.03.2003	30-6-2003
							(Audited)
(Rs. in crores)
Net Sales / Income from Operations
	Gross Sales		652.02	546.75	1,614.20	1,467.76	2,025.30
	Less : Excise duty paid		92.92	74.64	247.11	203.05	290.58
	Net Sales		559.10	472.11	1,367.09	1,264.71	1,734.72
Other Income :
	- Exchange rate difference (net)		26.70	2.45	36.48	5.32	12.60
	- Others		6.64	7.89	20.90	19.78	23.64
			33.34	10.34	57.38	25.10	36.24
Total Expenditure
	a)	(Increase) / Decrease in Stock	(5.68)	15.26	(15.34)	(8.67)	(4.39)
	b)	Consumption of raw materials :
		- Clinker Purchased	12.63	10.32	24.08	25.69	29.53
		- Others	22.21	16.81	60.94	50.95	70.92
			34.84	27.13	85.02	76.64	100.45
	c)	Staff Cost (Refer Note 1)	19.08	16.62	54.92	48.55	63.46
	d)	Power & Fuel	114.91	109.13	329.37	318.39	430.60
	e)	Freight & Forwarding :
		- On Sales	87.39	70.23	226.06	198.05	275.42
		- On inter-units Clinker transfer	16.09	15.97	43.88	41.51	57.97
			103.48	86.20	269.94	239.56	333.39
	f)	Other Expenditure (Refer Note 2)	110.20	83.32	291.82	245.46	334.67
			376.83	337.66	1,015.73	919.93	1,258.18
Operating Profit			215.61	144.79	408.74	369.88	512.78
Interest (Net)			18.92	19.04	60.56	67.17	87.94
Depreciation (Refer Note 3)			41.16	43.19	122.59	130.49	171.64
Operating Profit before Tax			155.53	82.56	225.59	172.22	253.20
Provision for taxation :
	- Current tax		11.60	6.50	16.95	13.50	19.75
	- Deferred tax		(1.30)	5.43	2.80	15.00	11.72
			10.30	11.93	19.75	28.50	31.47
Net Profit before prior period items			145.23	70.63	205.84	143.72	221.73
			Quarter ended		Nine months ended		Previous
							Year ended
			31.03.2004	31.03.2003	31.03.2004	31.03.2003	30-6-2003
							(Audited)
Prior period items :
a)	Depreciation written back (net of		-	(0.06)	35.46	0.10	-
	provision for taxation Rs. 27.35 crores)
b)	Expenses on sales promotion (net of		-	-	(15.48)	-	-
	provision for taxation Rs. 1.29 crores)
c)	Staff cost (net of provision for		-	-	(6.23)	-	-
	taxation Rs. 0.51 crores)
			-	(0.06)	13.75	0.10	-
Net profit			145.23	70.57	219.59	143.82	221.73
Paid up Equity Share Capital
(Face value Rs. 10/- each)			166.35	155.21	166.35	155.21	155.32
Reserves excluding Revaluation
Reserves							1,461.25
Earning per share (EPS - in Rs.)
	Basic
	- on normal profit		9.21	4.55	13.05	9.26	14.31
	- on profit after prior period items		9.21	4.55	13.92	9.26	14.31
	Diluted
	- on normal profit		8.68	4.07	12.36	8.31	12.82
	- on profit after prior period items		8.68	4.06	13.18	8.32	12.82
(EPS for quarters not annualised)
Notes:
1)	Certain staff costs, accounted on payment basis in earlier years have, this year, been accounted on accrual basis. Accordingly, the charge for such expenses for the quarter and nine months ended 31st March, 2004 is higher by Rs. 3.44 crores and Rs. 9.43 crores respectively.
2)	Certain expenses on sales promotion accounted on payment basis in earlier years have, this year, been accounted on accrual basis. Accordingly, charge for such expenses for the quarter and nine months ended 31st March, 2004 is higher by Rs. 5.09 crores and Rs. 12.47 crores respectively.
3)	During the year, the Company has rectified the rate of depreciation as well as the classification of certain block of fixed assets. Accordingly, the depreciation charge for the quarter and nine months ended 31st March, 2004 is lower by Rs. 3.00 crores and Rs. 8.49 crores respectively.
4)	During the quarter, the Company has exercised the call option to convert 1% Foreign Currency Convertible Bonds (known as Rating Enhanced Equity Linked Securities). Consequently, 77,09,532 shares have been allotted on conversion of bonds aggregating Rs. 171.64 crores at the conversion price of Rs. 222.336 per share. On account of this, Equity Share capital and Security Premium Account have increased by Rs. 7.71 crores and Rs. 163.70 crores respectively and bonds aggregating Rs. 9.26 crores have been repaid. The balance bonds aggregating Rs. 224.01Crores have since been converted into 1,00,61,706 Equity Shares resulting in an increase in Share Capital and Security Premium Account by Rs. 10.06 crores and Rs. 213.65 crores respectively.
5)	During the quarter, the Company has granted stock options to the employees convertible into 8,64,600 equity shares at an exercise price of Rs. 310 per share under ESOS scheme.
6)	The Hon'ble Board for Industrial and Financial Reconstruction (BIFR) has sanctioned the Rehabilitation Scheme envisaging amalgamation of Ambuja Cement Rajasthan Ltd. (ACRL) with the Company. Some of the provisions of the Draft Rehabilitation Scheme (DRS) have not been considered in the sanctioned scheme. ACRL has sought modifications from BIFR as well as Appellate Authority for Industrial & Financial Reconstruction (AAIFR). The effect of the amalgamation will be given in the accounts after the approval is received.
7)	The Company has only one business segment "Cement".
8)	At the beginning of the quarter ended 31st March, 2004, no investor complaints were pending. During the quarter 46 complaints were received, out of these 44 complaints were resolved and 2 complaint were pending disposal as on 31st March, 2004.
9)	Board has declared interim dividend of 50% on the equity shares.
10)	The figures for the previous quarter and comparative figures for the previous year have been regrouped/restated wherever necessary.
11)	The above results have been approved and taken on record by the Board of Directors of the Company at the meeting held on 16th April, 2004.
12)	Limited Review of the quarterly and nine months financial results for the period ended 31st March, 2004, has been carried out by the Auditors.
					By the Order of the Board
					Sd/-
	Mumbai				(N S Sekhsaria)
	16th April, 2004				Managing Director