India Cements FY11 net dips 81% to Rs 65 cr
Chennai-based cement maker The India Cements today posted 82% dip in consolidated net profit for 2010-11 at Rs 65.3 crore on contracted sales and inflated expenses on raw materials.
The company, which owns IPL franchise Chennai Super Kings, had reported Rs 355 crore net profit in 2009-10, it said in a statement.
Net sales of company dipped to Rs 3,622 crore during the year over Rs 3,829 crore in the previous fiscal.
The India Cements' consumed raw material worth Rs 558 crore last year compared to Rs 530 crore a year ago.