India Cements has posted net profit of Rs.7.49 crore for the July – September quarter, thanks to higher income and lower expenses. This compares with a net loss of Rs.22.53 crore in the same quarter last year. The company’s total income reached Rs.1136 crore in the second quarter, an increase from Rs.1094 crore last year, and expenses fell slightly to Rs.1019 crore despite an increase in the cost of raw material.
This marks the first in six quarters that India Cements has recorded a profit. Analysts polled by Bloomberg had anticipated a better performance, but foreign exchange losses cost the company Rs.8.81 crore.
Jaiprakash Associates is reported to be considering selling another cement plant – this time to Shree Cement, while UltraTech has commented on those Lafarge-Holcim rumours.