India’s Binani posts second-quarter fall

India’s Binani posts second-quarter fall
Published: 25 October 2010

India’s Binani Industries on Friday reported a INR1.18 crore (US$265,000) profit for the quarter ended September 2010 on fall in cement prices amidst a prolonged monsoon. The company had recorded INR101 crore net profit in the corresponding quarter last fiscal year, it said in a statement.

"The scenario (fall in net profit) is mainly because of a drop in expected demand due to early on-set and longer period monsoons, which led to lower realisations in the industry as a whole," the company said.

 "This has been further compounded by a large increase in fuel prices (coal) when compared to previous periods," it added.