India Cements posts rs 58.47 crore profit in Q1 FY25

India Cements Ltd on Friday reported a consolidated net profit of rs 58.47 crore in June 2024 quarter even though its sales volume declined 26 per cent as capacity utilisation was severely hit due to continuous liquidity crunch. The Chennai-based company sold its grinding unit at Parli, Maharashtra in April and included the gain of Rs 240.68 crore from the sold unit as an exceptional item in the quarterly profit. Before the exceptional items and tax, India Cements Ltd (ICL) had a loss of Rs 147.97 crore in the quarter under review. The company, in which the promoters are selling their stake to rival Aditya Birla group firm UltraTech Cement, had reported a net loss of 87.40 crore during the April-June quarter a year ago. Its revenue from operations was down 28.53 per cent to Rs 1,026.76 crore during the period under review as against Rs 1,436.74 crore in the corresponding quarter, according to a regulatory filing from ICL.  
The N Srinivasan-led company could not take advantage of the reduced fuel cost as operating margins further shrunk on account of low volume. Cement and clinker volume for the quarter was 19.61 lakh tonnes as compared to 26.66 lakh tonnes in the same quarter of the previous year with a drop of more than 26 per cent, it added. ICL's total income in the June quarter was down 27.81 per cent to Rs 1,042.27 crore. Shares of India Cements on Friday settled 0.34 per cent lower at Rs 366.90 apiece on the BSE. 
 

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