Economy & Market
India Cements profit drops by 49% in FY2020
The India Cements recorded a profit of $4.70 million in the fiscal year ending 31 March 2020, down by 49 per cent year-on-year from $9.18 million in the 2019 fiscal year. Sales fell by 10 per cent to $669 million from $744 million. The company attributed the fall in revenue partly to the suspension of operations in the fourth quarter following the beginning of the nationwide coronavirus lockdown in late March 2020.