CHENNAI: India Cements reported a 79.46 per cent year-on-year decrease in its standalone net profit for the quarter ended December 31, 2018, at Rs 3.13 crore against Rs 15.24 crore for the same period of the previous year.
According to N Srinivasan, vice-chairman and managing director, high competition in the south due to a supply overhang took its toll on operating performance coupled with Cyclone Gaja affecting certain districts in November. “We used this lean quarter as the chance to carry out maintenance and other internal tasks, adding to the expenses,” he added.
The company’s total income rose about nine per cent to Rs 1,317.44 crore from Rs 1,201.51 crore during the period. “... drop in net plant realisation was compounded by the steep increase in the prices of fuel and petroleum products, together with the depreciation of rupee against dollar,” the company said in a statement.