Economy & Market
India Cements' net profit drops more than 50%
During the third quarter of the current year, India Cements' net profit dropped by more than 50 per cent as compared with the corresponding quarter previously. The cement manufacturer's net profit for the quarter ended 31st December, 2012 was Rs 26.12 crore (Rs 56.31 crore) on a total income of Rs 1,083.88 crore (Rs 943.95 crore). Addressing the media on the company's performance and outlook,
N Srinivasan, Vice-Chairman and Managing Director,
said that in the backdrop of the slow market and growing costs, the company has managed to conserve its margins and turned in a 'good performance.' Net plant realisation during the quarter was Rs 3,360 tonne (Rs 3,460). Capacity utilisation is about 70 per cent on an average.
There are indications that the demand is picking up and the company can look forward to improved realisations and margins, Srinivasan said. The company expects to commission its 50 mw captive thermal power plant at Vishnupuram in July.
A similar capacity has gone on-stream at Sankar Nagar. Together, they will help address the fuel and power cost. Also, coal imports from the captive mine in Indonesia is expected soon, he said.
Contact: India Cements.
Tel: 044 2852 1526.