 "India Cements Q1 net drops 39% to Rs 62 crore")
India Cements today reported a 39 percent drop in net profit for the April-June quarter at Rs 62.07 crore notwithstanding around 14 percent growth in income over the corresponding quarter last fiscal.
The Chennai-based cement manufacturer had reported Rs 102.03 crore net profit during the June quarter of the last fiscal, it said in a BSE filing.
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The company also incurred a Rs 25.02-crore exchange loss during the reporting quarter. Reuters[/caption]
India Cements’ total income, which also includes revenue from Indian Premier League (IPL) franchise, Chennai Super Kings, rose to Rs 1,205.03 crore from Rs 1,061.19 crore in the year-ago period.
Total expenses of the company increased to Rs 992.81 crore during the first quarter ended June 30, from Rs 877.01 crore during the same quarter a year ago, mainly due to higher fuel consumption and transportation costs.
The company also incurred a Rs 25.02-crore exchange loss during the reporting quarter. Shares of company closed at Rs 85.15 apiece today, down 0.47 percent over their previous closing on BSE.
PTI