India Cements net up 63%

India Cements, the fifth largest cement maker of the country, has posted an increase of 63 per cent in its net profit at Rs 183.4 crore for the quarter ended June 30 compared with Rs 112.59 crore in the corresponding previous quarter.

Its net sales grew to 701.18 crore during the period from Rs 485.23 crore, up 44.5 per cent.

The cement firm, which has its strong hold in southern markets, enjoyed the benefits of better realisations and increased sales. Southern market during the quarter saw the steepest rise in cement prices, in a range of Rs 7-15 a bag of 50 kg.

Operating profit for the quarter under review was reported at Rs 274 crore compared with Rs 171 crore last year, up 60 per cent. Earnings per share (EPS) during the period stood at Rs 7.04 against Rs 5.68 last year.

The company is adding 2 million tonnes additional capacity taking it to a total of 11 million tonnes by the end of this year. In a flat Bombay stock market on Monday, company's stock closed at a strong at Rs 203.45, up 4.17 per cent.