India Cements reported a standalone profit for the quarter ending December 31, 2021 at Rs 3.30 crore.
The compnay’s performance in the third quarter was impacted by record monsoon in the southern states with consequent flooding in several areas that resulted in stalling of the construction activities as well as downward movement in selling prices in the east and north east markets from where the company withdrew as the sales became un-remunerative.
For the nine-month period ending December 31, 2021, standalone profits slipped to Rs 62.69 crore from Rs 150.41 crore registered a year ago. The company achieved Rs 110 crore earnings before interest, taxes, depreciation, and amortisation (EBIDTA) as compared to Rs 218 crore in the same quarter of the previous year. The fall in earnings was caused by the reduction in volume and increase in input costs.
The recovery of the cement industry in the south, which was witnessed in the first six months, hit a roadblock due to record rains. The main markets — Maharashtra, Kerala, Tamil Nadu and Karnataka — continued to be on the list of active Covid cases during the quarter under review, company Vice Chairman and Managing Director N Srinivasan said.