Madras Cements Ltd of India posted a 34 per cent rise in its quarterly net profit riding better price realisations in the southern region and beating analysts’ estimate.
It has posted a net profit of 1.21 billion rupees in July-Sept against 900.7 million rupees in the same period a year ago.
A Reuters poll of analysts had forecast a net profit of 1.12 billion rupees.
The average realisation for cement companies in south India has been better than those in the rest of the country, said the analyst with the foreign brokerage.
Higher capacities will drive volume growth while a better pricing scenario will improve profits for Madras Cements, brokerage Sharekhan said in a report.
"We expect the pricing to be robust for the next few quarters," said the analyst from the foreign brokerage.
On Monday, another southern India cement maker, India Cements Ltd , had posted a 91 percent rise in its quarterly net profit.