India Cements posts 121% rise in Q1 net profit, revenue jumps 37%

India Cements posted a 121 per cent rise in consolidated net profit for the first quarter of the current financial year (Q1FY22) to Rs 43.05 crore as compared to Rs 19.47 crore during the the corresponding period last year.

The company's consolidated revenue from operations during the period under review also saw a spike of 37 per cent from Rs 763.46 crore last year to Rs 1045.25 crore this fiscal. The company's cement production saw an increase of 41 per cent during the Q1FY22 to 1.88 million tons, as against 1.34 million tonnes during the same period last year. Similarly, the overall volume also increased by 36 per cent from 1.43 million tonnes during Q1 last fiscal to 1.95 lakh tonnes this year. However, sequentially, the volume was lesser by nearly 35 per cent mainly due to the second wave of the Coronavirus (Covid-19) pandemic.

The net plant realisation for the quarter was lower than that of last year by 7 per cent as domestic markets were affected badly, but it was higher when compared sequentially by the same 7 per cent, the company said. The variable cost of production was up by 3 per cent when compared to the previous year and by 2 per cent compared to sequential quarter.

Despite the drop in net plant realisation and increased cost pressure, backed by the increased volume, the EBIDTA was up at Rs 165 crore as compared to Rs 159 crores in the previous year.