Mangalam Cement 2Q net profit falls 77%

India-based Mangalam Cement reported a standalone net profit of INR10.7m (US$163,424) for the quarter ended 30 September 2017, representing a 77 per cent decrease when compared with 2QFY16, when net profit reached INR47.2m.

The company’s net revenue advanced by 25 per cent to INR2.373bn in the July-September quarter from INR1.895bn reported in 2QFY16. Operating expenses increased by 25.67 per cent to RINR2.1bn from INR670.9m in the year-ago period.

Mangalam’s operating profit rose by 16 per cent to INR273.5m as against INR235.7m in the year-ago period, while the company’s operating profit margin contracted YoY to 7.4 per cent in the 2Q.
Interest grew by 13.58 per cent YoY to INR117.1m, while taxes increased by 216.24 per cent at INR62.3m (2Q16: INR19.7m).