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Indian industry hurt by high fuel costs

World Cement,

ACC has reported a 28.21% growth in July sales compared with July 2010, reaching 2 million t from 1.56 million t. Production grew likewise, at 2.03 million t from 1.55 million t last year. Sales for the first 6 months hit 14.18 million t and production stood at 14.21 million t compared with 12.43 million t and 12.49 million t, respectively, for the same period last year.

Ambuja Cements reported growth of more than 14% y/y, with July sales up to 1.67 million t from 1.41 million t last year. Sales of both cement and clinker for the first half reached 12.73 million t, up from 12.38 million t last year, while cement production hit 12.46 million t from 12.25 million t.

Meanwhile, Shree Cement Ltd announced first quarter net profit of Rs.55.01 crore, down 48% from the same quarter last year. Net revenue for the quarter was up 9% at Rs.1034 crore, and revenue from the cement sector was up 13% at Rs.916.92 crore. In an interview with the Economic Times, Executive Director MK Singhi reported that the utilisation rate for the quarter stood at 83%. He blamed high fuel prices, among other things, for the decline in net profit.

Ultratech posted a 6% decline in profits for the April – June quarter, attributed to high fuel costs and a competitive pricing scenario brought about by low demand. Sales fell 3% to Rs.4365 crore.

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