INDIA CEMENTS CLOCKS RS 58.47 CRORE PROFIT IN APRIL-JUNE
India Cements Ltd on Friday announced a consolidated net profit of Rs 58.47 crore in June 2024 quarter even though its sales volume declined 26 per cent as capacity utilisation was severely hit due to continuous liquidity crunch. The Chennai-based company sold its grinding unit at Parli, Maharashtra in April and included the gain of Rs 240.68 crore from the sold unit as an exceptional item in the quarterly profit.
The company, in which the promoters are selling their stake to rival Aditya Birla group firm UltraTech Cement, had announced a net loss of 87.40 crore during the April-June quarter a year ago. Its revenue from operations was down 28.53 per cent to Rs 1,026.76 crore during the period under review as against Rs 1,436.74 crore in the corresponding quarter, according to a regulatory filing from ICL.
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