India Cements shares extended gains for the third straight day after the company reported 16.35 per cent rise in net profit at Rs 43.98 crore for first quarter ended June 30, 2016 against Rs 37.8 crore in the corresponding quarter a year ago. However, total income of the company decreased by 1.63 per cent at Rs 1205.72 crore for quarter under review as compared to Rs 1,225.7 crore for the quarter ended June 30, 2015.
At 12.19 pm, shares of the company were trading 3.70 per cent up at Rs 130.25. The scrip opened the day at Rs 126.85 and has touched a high and low of Rs 131.85 and Rs 126.50, respectively, in trade so far. Later, shares of the company closed 5.18 per cent up at Rs 132.10.
[related-post]
Operating profit of the company jumped by 2.08 per cent year-on-year to Rs 204.61 crore for the quarter under review against Rs 200.44 crore in the same quarter last year.
Mihir Jhaveri, director, institutional research, Religare Capital Markets said, “India Cements reported results with EBITDA margin higher than estimates at 19.1 per cent (Estimated 16.9 per cent). PAT came in higher than estimates due to better operating performance. We have ‘Hold’ rating on India Cements.”
Shares of India Cements gained 3.54 per cent in the past two trading sessions.
Promoters holds around 28.63 per cent stake in India Cements, while public holds 71.37 per cent stake in the company. The company is the largest producer of cement in South India.