Indian cement maker Ambuja Cements Ltd reported a forecast-beating 6.6 percent rise in quarterly profit on higher sales, and expects a revival in the economy after ongoing federal elections ending on May 16.
"Although macroeconomic condition remains challenging, construction activity is expected to pick up pace after elections," the company, India's third-largest cement maker, said in a statement late on Thursday.
Ambuja, controlled by Switzerland's Holcim Ltd, the world's second-largest cement producer, reported a net profit of 5.20 billion rupees ($85.2 million) for the first quarter ended March 31, compared with 4.88 billion rupees a year earlier.
Analysts on average had expected the company to post a profit of 3.62 billion rupees according to Thomson Reuters I/B/E/S.
Net sales for the quarter rose about 4 percent to 26.4 billion rupees from a year earlier.