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Fourth qtr to be "substantially" better: India Cements Ltd

Press Trust of India  |  Chennai 

manufacturer, The India Cements Ltd Tuesday expected the company's performance to be "substantially" better during the fourth quarter following a rise in capacity utilisation in Oct-Dec 2018 quarter, a top said.

"I feel the worst is over for the industry. I see price discipline now in the market and I believe it will stay," company Vice-Chairman and Managing Director, N Srinivasan said.

He expected the performance of to be "substantially" better in fourth quarter of current fiscal following the rise in capacity utilisation which was at 76 per cent in third quarter of last year.

India Cements Monday reported a 79.46 per cent decline in its standalone net profit at Rs 3.13 crore for the quarter ending December 31, 2018, as against Rs 15.24 crore registered corresponding period of last fiscal.

Total income during the period under review was up 8.53 per cent at Rs 1,320.57 crore, as against Rs 1,216.75 crore recorded in corresponding period of previous fiscal.

Total expenses of the city-based company stood at Rs 1,317.44 crore upby 9.64 per cent from Rs 1,201.51 crore registered year ago.

On the company's strategy, he said, the focus would be on the core market - South and Southern region was clocking a robust growth of 20 per cent, he said.

"Sale of in other regions will depend on price and realisation", he said.

In his response to government's decision to raise the floor space index for residential buildings, he said, "any such measure will act as a stimulus for further increase in cement consumption".

"It will lead to more activities in Chennai though development of is good in the long term to ease the pressure on existing infrastructure", he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 15:25 IST
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