Mumbai, Apr 30 (IANS): Ambuja Cements, a part of the LafargeHolcim Group, on Tuesday reported a 57 per cent growth in its standalone net profit to Rs 427 crore for the January-March quarter of 2019, as compared to Rs 272 crore in the corresponding period last year.

"Net profit increased by 57 per cent as compared to the corresponding quarter of the previous year. Net profit for the current quarter includes ACC dividend of Rs 132 crore," the company said in a statement.

According to the company, its net sales in the quarter under review stood at Rs 2,847 crore, up by 3.04 per cent from Rs 2,763 crore in the same period last year.

On consolidated basis, the company reported a rise of 35.21 per cent in its net profit during the quarter under review to Rs 695 crore from Rs 514 crore reported for the corresponding period of 2018.

"The quarter ended March 2019 saw a steady growth in the top line. On the market side, we have introduced various innovative products to deliver superior experience and to become a preferred partner for our customers," Bimlendra Jha, Managing Director and Chief Executive Officer (CEO), Ambuja Cement, was quoted in the statement.

"We have also reinforced our rural outreach programme with an aim to increase penetration of our product and solutions, thereby supporting our growth in the ensuing quarters," Jha said.

In terms of outlook, the company said that it expects the economy to grow strongly, based on Reserve Bank of India's repo rate cut to boost private investment and an increase in disposable incomes of households due to tax benefits.

"The government's thrust and higher outlays on infrastructure and affordable housing apart from reduction in rates for under-construction flats should further accelerate construction activity and spur cement demand," the statement said.