India Cements post Rs 43.97 crore net profit in Q4

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May 24, 2021 1:59 PM

The company -- which has re-appointed N Srinivasan as its Managing Director for five years with effect from May 26, 2021, subject to the approval of shareholders -- had posted a consolidated net loss of Rs 11.76 crore in the same quarter previous fiscal, India Cements said in a regulatory filing.

india cementWhile the drop in cement volume meant a contribution loss of around Rs 300 crore for the year, the improvement in net plant realisation together with reduction in fixed cost more than made up the shortfall, it said.

India Cements on Monday reported a consolidated net profit of Rs 43.97 crore for the fourth quarter ended March 2021, on the back of strong sales.

The company — which has re-appointed N Srinivasan as its Managing Director for five years with effect from May 26, 2021, subject to the approval of shareholders — had posted a consolidated net loss of Rs 11.76 crore in the same quarter previous fiscal, India Cements said in a regulatory filing.

Its consolidated revenue from operations in the fourth quarter stood at Rs 1,472.45 crore as compared to Rs 1,176.40 crore in the year-ago period, it added.

The board of directors of the company at its meeting held on Monday also approved a dividend of Re 1 per equity share of Rs 10 each for the year 2020-21, the filing said.

For the fiscal ended March 31, 2021, the company posted a consolidated net profit of Rs 208.45 crore, riding on lower expenses, against Rs 53.46 crore in 2019-20. Consolidated revenue from operations in FY21 stood at Rs 4,510.55 crore as compared to Rs 5,186.45 crore, the filing added.

The company said its total expenses in 2020-21 was Rs 4,240.34 crore as against Rs 5,190.73 crore in 2019-20. The spread of COVID-19 severely impacted businesses in India and abroad. The regular business operations have been disrupted severely due to lockdowns, restrictions in transportation, supply chain disruptions, travel bans, social distancing and other emergency measures and operations were shut down in the last week of March 2020.

“Operations restarted in phases during April 2020, duly following the government guidelines. The pandemic situation has affected the normal business operations of the company, and production, sales and profitability have been impacted,” the filing said.

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