The cement maker's consolidated net profit slumped 71.4% to Rs 19.74 crore on 49% drop in net sales to Rs 763.46 crore in Q1 June 2020 over Q1 June 2019.
Profit before tax (PBT) tanked 71.8% to Rs 28.84 crore in Q1 June 2020 as against Rs 102.12 crore in Q1 June 2019. Current tax expenses for the quarter tanked 55.4% at Rs 17.84 crore as against Rs 40.03 crore in Q1 June 2019. The result was announced during market hours today, 27 July 2020.
India Cements, in its exchange filing, has stated that it has assessed, in line with 'Advisory on Impact of Coronavinis on Financial Reporting' issued by the Institute of Chartered Accountants of India, the recoverability and carrying values of its assets comprising property, plant and equipment, intangible assets, trade receivables, inventory and investments as at the balance sheet date. Based on the assessment by the management the net carrying values of the said assets will be recovered at the values stated. The company evaluated the internal controls including internal controls with reference to financial statements, which have been found to be operating effectively given that there have been no dilution of such controls due to factors caused by COV1D-19 situation.
India Cements is primarily engaged in manufacture and marketing of cement and cement related products. Subsidiaries and associate companies are mainly engaged in the business of sugar, power, financial services, trading, mining and transportation.
Shares of India Cements fell 0.34% to Rs 117.75. The scrip hovered in the range of Rs 116.60 to Rs 122.20 so far.
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