Ramco Cements net profit drops 61%

The company has deposited Rs 25.86 crore, which is 10% of the Rs 258.63 crore penalty imposed by the Competition Commission

Ramco Cements Ltd has posted a drop of 61 per cent in net profit at Rs 24.99 crore for the quarter ended March 31, 2014, as against Rs 64.15 crore for the corresponding quarter ended last year.

The total income from operations saw an increase of 2.88 per cent at Rs 985.09 crore for the quarter, as compared to Rs 957.54 crore for the same period of previous year.

The company has deposited rs 25.86 crore, which is 10 per cent of the Rs 258.63 crore penalty imposed by the Competition Commission of India (CCI), for alleged cartelisation. Upon appealfiled before the Competition Appellate Tribunal, the order of CCI has been stayed on condition that the company deposit 10 per cent of the penalty and the same has been deposited, it said.