India Cement reported a net profit of Rs. 127.05 crore in the three months ended December 31, 2007 against Rs. 79.78 crore in the year-ago period. Net sales and income from operations went up to Rs. 854.54 crore from Rs. 542.21 crore.
The good performance was attributed to improvement in cement prices and cost cutting measures despite a steep increase in the prices of fuel, says a company release.
The gross turnover for the nine months ended December 31, 2007 stood at 2,594.98 crore against Rs. 1,702.67 crore and the net profit at Rs. 533.10 crore against Rs. 309.69 crore in the same period in the previous year.
The company has successfully completed its fund raising exercise through issue of 2.08 crore equity shares at a price of Rs. 285 per share aggregating Rs. 592.50 crore.
The company has announced its plans to set up two more plants with a total capacity of 3.5Mt in the North. It is doing a feasibility study for setting up a cement plant in Himachal Pradesh, the release added.