Lower income led India Cements' net profit to decline by 98 per cent in the December quarter at Rs 42 lakh.
N Srinivasan's India Cements Ltd had clocked Rs 26.12 crore net profit during the October-December period of the last fiscal, it said in a BSE filing.
Total income of India Cements, which has 10 plants with a combined capacity of 15.5 million tonnes per annum, fell to Rs 1,037.64 crore during the reporting quarter from Rs 1,083.88 crore a year earlier.
Lower income is primary reason for the net profit for the quarter to sharply fall as expenditure remained nearly static at Rs 960.80 crore as compared to Rs 960.43 crore a year ago.
Board of Cricket Control of India (BCCI) President N Srinivasan is the Vice Chairman and Managing Director of India Cements.