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India Cements Q3 net up seven fold to Rs 133 crore on sale of subsidiary

Revenue rises 10%; company lines up Rs 1,600 cr plan to revamp old plants

A Kolkata-registered company, SMPL owns limestone reserves, a key cement input, in Madhya Pradesh and is planning to come up with a cement unit there
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The surge in profit in Q3FY23 was on account of the profit on sale of investments at Madhya Pradesh (Springway Mining) for Rs 294 crore, the company said

Shine Jacob Chennai
Chennai-based India Cements (ICL) has posted a seven-fold rise in consolidated net profit to Rs 133.29 crore during the third quarter of the financial year 2022-23, up from Rs 16.24 crore during the same period last financial year, driven by the gains from the sales of its subsidiary Springway Mining. The company is also set to come up with a Rs 1,600-crore project to refurbish all the old plants, as a move to improve operational efficiency.  

The company’s revenue from operations was up by over 10 per cent to Rs 1,281 crore during the quarter under review, from Rs 1,160.63

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First Published: Feb 03 2023 | 4:35 PM IST

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