Jaiprakash Associates has reported profit after tax of Rs.100 crore for the January – March quarter. This reflects a decline of 18.7% y/y, which the company attributes to higher interest costs and lower revenues. The cement division contributed revenue of Rs.1645 crore – a 0.5% increase y/y – but earnings before interest and cost margin fell 700 basis points to 6.7%. Group-wide net sales fell 11.9% to Rs.3403 crore and operating profit fell 2.3% y/y to Rs.872 crore.
Jaiprakash Associates’ cement division contributes 45% to total revenue and the construction business contributes 40% of revenue.
Jaiprakash Associated has also confirmed the appointment of Shri Shiva Dixit as Director with effect from 27 May and the resignation of Shri R K Singh and Shri S D Nailwal.
India Cements reports a loss for the January – March quarter and announces plans to restructure operations, while Shree Cement commissions its new line in Rajasthan.
Indian cement manufacturer Ramco Cements posted a net profit of Rs.24.99 crore in the quarter ended 31 March 2014, a 61% y/y decline compared to the corresponding quarter in 2013.