India Cements standalone profit slides to Rs 3.30 cr in Q3

The India Cements Ltd has reported a standalone profit for the quarter ending December 31, 2021 at Rs 3.30 crore, a senior official said on Friday.

The city-based cement major had registered standalone profits at Rs 62.02 cr during the corresponding quarter in the previous year. For the nine-month period ending December 31, 2021, standalone profits slipped to Rs 62.69 cr from Rs 150.41 cr registered a year ago.

Total income on standalone basis stood at Rs 1,114.22 cr as against Rs 1,162.91 cr registered same period last fiscal. Total income for the nine-month period on standalone basis ending December 31, 2021, grew to Rs 3,333.11 crore from Rs 2,998.68 crore registered same period last fiscal.

N Srinivasan, VC-MD, India Cements, said the performance was severely affected by the record monsoon in the southern states with consequent flooding in several areas resulting in stalling of construction activities.

“This was further compounded by downward movement in selling prices in the east and north east markets from where the company withdrew as the sales in those areas became un-remunerative,” he said. This led to a lower volume for the quarter for the company that together with the onslaught of increased fuel prices had a telling impact on the bottomline for the quarter under review, he said.