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
			31.03.2003	31.03.2002	31.03.2003	31.03.2002	30-06-2002
							(Audited)
Production - Quantity in Lac Tonnes
Clinker			21.28	16.75	63.08	44.01	60.97
Cement			27.30	20.17	71.74	52.85	72.06
Sales - Quantity in Lac Tonnes
Clinker			-	-	0.03	-	-
Cement			27.18	20.01	71.56	52.61	71.84
			27.18	20.01	71.59	52.61	71.84
(Rs. in crores)
Net Sales/Income from Operations			546.75	430.35	1,467.76	1,169.62	1,583.01
Other Income			10.34	4.64	25.10	18.55	21.58
Total Expenditure
	a)	(Increase) / Decrease in Stock	15.26	7.38	(8.67)	15.81	12.79
	b)	Consumption of raw materials :
		- Clinker Purchased	10.32	9.78	25.69	25.44	25.58
		- Others	16.82	13.21	50.99	36.33	51.69
			27.14	22.99	76.68	61.77	77.27
	c)	Staff Cost	16.62	12.75	48.55	37.25	48.42
	d)	Power & Fuel	109.03	86.31	318.16	232.72	323.99
	e)	Excise Duty	74.64	53.18	203.05	143.05	198.85
	f)	Freight & Forwarding :
		- On Sales	70.23	46.91	198.05	120.17	167.50
		- On inter-units Clinker transfer	15.97	11.63	41.51	27.98	41.71
			86.20	58.54	239.56	148.15	209.21
	g)	Other Expenditure	83.41	73.07	245.65	193.17	268.27
			412.30	314.22	1,122.98	831.92	1,138.80
Operating Profit			144.79	120.77	369.88	356.25	465.79
Interest (Net)			19.04	21.83	67.17	72.63	96.64
Depreciation			43.19	33.72	130.49	100.98	137.81
Operating Profit before Tax			82.56	65.22	172.22	182.64	231.34
Provision for current tax			6.25	4.50	13.25	12.75	16.50
Operating profit after current tax			76.31	60.72	158.97	169.89	214.84
Provision for deferred tax liability			9.45	5.95	18.00	17.35	28.32
Net Profit			66.86	54.77	140.97	152.54	186.52
			Quarter ended		Nine months ended		Previous
							year ended
			31.03.2003	31.03.2002	31.03.2003	31.03.2002	30-06-2002
							(Audited)
Paid up Equity Share Capital
(Face value Rs. 10/- each)			155.21	155.14	155.21	155.14	155.17
Reserves excluding Revaluation Reserves							1,449.32
Earning per share (EPS - in Rs.) :
	Basic		4.30	3.52	9.09	9.82	12.01
	Diluted		3.85	3.15	8.17	8.77	10.74
(EPS for quarters not annualised)
Notes :
1)	As per Accounting Standard on Interim Financial Reporting (AS-25) issued by the Institute of Chartered Accountants of India, applicable from 1st April, 2002, certain expenses which were hitherto accounted on budgeted/estimated/pro-rata basis, have now been charged at actuals in the period in which these were incurred. Consequently, profit for the quarter and nine months ended 31st March, 2003, is higher by Rs. 0.33 crores and lower by Rs. 2.71 crores respectively.
	To facilitate comparison, the corresponding previous years figures for the quarter and nine months ended 31st March, 2002, have been accordingly restated. As a result, net profit for the said periods is higher by Rs. 1.34 crores and Rs. 0.62 crores respectively.
2)	The Company has, during the quarter, raised Rs. 25 crores by issue of Secured Non-Convertible Redeemable Debentures and has pre-maturely redeemed some of the debentures of the aggregate face value of Rs. 100 crores.
3)	Board has declared interim dividend of 30% on the equity shares.
4)	The Company has only one business segment "Cement".
5)	The previous year's figures 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 10th April, 2003.
	Mumbai, 10th April 2003
					By the Order of the Board
					Sd/
					(N S Sekhsaria)
					Managing Director