India Cements Ltd announce 3Q16 profits of US$519.6m

India Cements Ltd registered net profit at INR35,340m (US$519.6m) for the third quarter ending 31 December 2016 in the back of strong sales volume and lesser cost of production.

The cement company registered net profit at INR3160m during the corresponding quarter of the previous year.

For the nine-month period, net profit surged to INR141,730m from INR79,460m registered during the year ago period.

Declaring the results, India Cements Ltd Vice Chairman and Managing Director, N Srinivasan, said: "We have reported gratifying results during the quarter inspite of uncertainty created on account of demonetisation of high value currency notes from early November 2016."

Total income from operations for the October-December 2016 quarter went upto INR1,270,950m from INR1,066,130m registered during the year ago period.

For the nine-month period, total income from operations rose to INR3,791,110m  from INR3,520,930m  in corresponding quarter of previous year. During the 3Q16, the overall sales volume, including clinker and cement exports, went up by 22 per cent to 2.35Mt against 1.93Mt in the previous year, Mr Srinivasan said.