India Cements: back in the black

India Cements has reported a profit for the July-September quarter on higher income and lower expenses following a loss in the same period of the previous year.

For the three months to the end of September 2014, the company posted a net profit of INR7.5 crore against loss of INR22.5 crore in the year-ago period.

Total income from operations grew by 3.84 per cent to INR1136 crore in the quarter ended September 2014 from INR1094 crore in same quarter a year earlier.

Operating profit jumped 35.15 per cent YoY to INR183 crore and margin expanded by 370 basis points to 16.1 per cent in Q2FY15 on fall in operational expenses. Power and fuel costs were down as were the employment benefit expenses.

Meanwhile, the company’s board of directors has approved the proposal to issue securities including QIP, FCCB or GDR to raise a sum not exceeding INR5bn (US$81m). The fund raising proposal is subject to shareholders approval. The board has also approved the delisting of equity shares from the Madras Stock Exchange.