Ramco Cements Q1 net up 57% at Rs 156 crore

The company said it has reduced the borrowings by around Rs 312 crore out of internal accruals

Ramco Cements on Wednesday reported a 57% growth in standalone net profit at Rs 155.93 crore for the quarter ended June 30, helped by better sales and cost optimisation measures.

The firm had clocked a net profit of Rs 99.24 crore for the year-ago period, it said in a BSE filing.

Total standalone income rose by 3% to Rs 972.09 crore in April-June quarter this financial year from Rs 947.42 crore during the same period in 2015-16.

Total expenses were lower at Rs 734.20 crore compared to Rs 760.40 crore in the last financial year.

The firm said: "There has been an improvement in the off-take of cement by about 15% during the quarter under review compared to the corresponding quarter of the previous year."

Its domestic sales were higher at 20.45 lakh tonnes (LT) during the June quarter this year against 17.82 LT in the year-ago period. Exports were flat at 0.31 LT.

The company continued to focus on cost reduction measures and reduced the operating and logistics costs significantly and is confident of sustaining it in the coming quarters also, it added.

Ramco said it has reduced the borrowings by around Rs 312 crore out of internal accruals and reduction in working capital during the quarter under review.

On its wind farm division, the firm said for the quarter ended June 30, 2016, the division has generated 706 lakh units compared to 383 lakh units during the corresponding quarter of the previous year.