Economy & Market
Madras Cements' Q1 net profit up by 25%
Madras Cements has reported a 25 per cent jump in net profit for the first quarter of the current year compared with the corresponding quarter previously. Higher cement sales and improved profitability have contributed to the growth, said a company press release.
The company has reported a net profit of Rs 123.01 crore (Rs 98.30 crore) for the quarter ended June 30, 2012, on a total income of Rs 995.27 crore (Rs 768.21 crore).
Finance cost has increased to Rs 54.26 crore (Rs 47.60 crore). The operating profit was up 26 per cent to Rs 314.47 crore (Rs 250.18 crore). Cement sales jumped 20 per cent during the first quarter to 21.58 lakh tonne (17.79 lakh tonne).
Revenue from wind mills has increased to Rs 40.95 crore (Rs 32.08 crore) with electricity generation increasing to 1,144 lakh units (943 lakh units) during the quarter.
A press release said the company plans to appeal against the order of the Competition Commission of India levying a penalty of Rs 258.63 crore for alleged cartelisation.
Madras Cements will approach the Competition Appellate Tribunal against the order of June 20, 2012. It has not provided for the penalty in the accounts.