India Cements reports Rs 62 crore in profit for December quarter

India Cements Ltd clocked standalone net profits at Rs 62.02 crore for the quarter ending December 31, 2020, the company said on Wednesday.

The city-based noted industrialist N Srinivasan-led company had registered Rs 5.37 crore as net loss during corresponding quarter previous year.

For the nine month period ending December 31, 2020 standalone net profits surged to Rs 150.41 crore as against Rs 75.56 crore registered a year ago.

For the year ending March 31, 2020, the company had clocked standalone net loss at Rs 35.51 crore.

Total income on a standalone basis stood at Rs 1,162.91 crore for the quarter under review as against Rs 1,194.42 crore recorded corresponding quarter last fiscal.

For the nine month period ending December 31,2020 standalone total income slipped to Rs 2,998.68 crore from Rs 3,915.36 crore registered in the same period last year.

For the year ending March 31,2020, standalone total income was at Rs 5,085.28 crore.

The COVID-19 pandemic situation has affected the normal operations of the company and production, sales and profitability have been impacted, the company said.