New Delhi: The India Cements Ltd’s consolidated net profitjumped more than 10 times at Rs 68.98 crore for the first quarter ended June 2019 as compared to Rs 6.32 crore in the same period of the previous financial year, according to filing on the Bombay Stock Exchange.
The net sales of the company increased to Rs 1503.61crore in the latest quarter as compared to Rs 1393.76 crore in same quarter of the previous financial year.
The company had capacity utilisation of its manufacturing plans at 77 percent during the latest quarter, it said in a statement. The total cement sales (including clinker) stood at 30.42 lakh tons during the quarter as against 30.75 lakh tons in the corresponding quarter of the previous fiscal. There was improved selling price of cement. As a result, the net plant realisation increased by 11 percent during the quarter.
The company has reappointed V Ranganathan as a non-executive independent director for a second and final term of two years from 29th August 2019 to 28th August 2021.
K Balakrishnan, who was appointed earlier as independent director, has not opted for reappointment because of his official commitments and various other engagements.