Sales in quantity terms were 28.37 lakh tonnes, against 25.42 lakh tonnes in the previous year. Income from windmills was up to Rs 5.75 crore (Rs 4.09 crore).

Operating profit was Rs 162.44 crore. Margins at operating level exhibited a significant jump to 26 per cent in the second quarter, against 19.6 per cent in the first, basically on account of improved realisations.

Interest cost was significantly higher at Rs 94.12 crore, as the company experienced the full impact of the borrowings related to acquisitions, especially Raasi Cement. Depreciation worth Rs 33.70 crore has been charged.

Announcing its 1998-99 results (including the performance of the cement division of Raasi and excluding ICL's shipping division) after the approval of the Andhra Pradesh high court, ICL has declared a 35 per cent dividend for 1998-99. Total sales stood at Rs 1,393.92 crore, while operating profit was Rs 305.17 crore. Interest cost was higher at Rs 148.51 crore, and depreciation Rs 69.62 crore. Net profit was Rs 83.89 crore (Rs 58.26 crore).

In 1998-99, the company sold 55.15 lakh tonnes of cement (30.06 lakh tonnes in 1997-98 excluding Raasi). According to a release, various measures have been adopted to reduce the power cost per tonne of cement. At Dalavoi, power consumption is 79 units per tonne for OPC, while it is 105.40 units for other units, down from an average of 113 units per tonne. Wage cost has also been reduced through a voluntary retirement scheme, which saw labour force shrinking by 1,012 employees.

The company has obtained gas allocation of 80,000 cu mtrs of natural gas from GAIL to put up a 15mw power plant.