India Cements reports Q2 net loss of Rs 22.53 cr

Company reported a net profit of Rs 49 crore during the corresponding quarter in the previous year

India Cements today reported a net loss of Rs 22.53 crore for the second quarter ending September 30, 2013.

The Chennai-based company had reported a net profit of Rs 49.08 crore during the corresponding quarter in the previous year, according to a BSE filing.

For the half-year ending September 30, 2013, the net loss of the company stood at Rs 5.71 crore, as against Rs 111.15 crore registered during the same period of previous year.

For the year ending March 31, 2013, the net profits of the company stood at Rs 163.55 crore.

Total income from operations for the second quarter this year declined to Rs 1,093.78 crore from Rs 1,125.68 crore registered during the same period of previous year.

For the half-year ending September 30, 2013, the total income from operations remained almost flat at Rs 2,334.50 crore as against Rs 2,330.71 crore registered during the same period of previous year.

For the year ending March 31, 2013, the total income from operations stood at Rs 4,613.62 crore.

The Competition Commission of India had passed an order on June 20, 2012 alleging contravention of the provisions of The Competition Act 2002, by certain cement manufacturers including India Cements and imposed a penalty of Rs 187.48 crore.

"... The company has filed an appeal before the Competition Appellate Tribunal against the order and hence no provision is presently considered necessary in the accounts. The company has deposited Rs 18.74 crore on the interim order passed by the Tribunal as a condition precedent for grant of stay," it said.

Shares of the company were trading at Rs 54.55 apiece this afternoon, down by 2.33% from previous close at BSE.