Cement News tagged under: India Cements

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India Cements plans INR14bn plant project

08 August 2019, Published under Cement News

India Cements is reportedly in the process of acquiring land in Madhya Pradesh for a new plant project which would take its total capacity to 20Mta, according to The Economic Times. The company has already acquired a company with an existing mining lease to use its limestone reserves. The project is worth around INR14bn (US$197m), with the producer expected to compete the final land investments over the next few months.

India Cements Jan-Mar quarter net profit advances 23% YoY

28 May 2019, Published under Cement News

Chennai-based India Cements has reported a 23 per cent increase in its net profit for the quarter ended March 2019. Higher prices, a recovery in cement demand and improved capacity utilisation led to a net profit of INR430m and revenues of INR15.64bn, up 12 per cent YoY and 19 per cent QoQ. For the full financial year 2018-19, stand-alone profits dropped 30 per cent YoY to INR690m as net plant realisations (NPR) fell two per cent YoY and rising fuel prices increased production costs. Goi...

India Cements to acquire Springway Mining

05 December 2018, Published under Cement News

India Cements has entered into a share purchase agreement to acquire the entire shareholding of Springway Mining in a phased manner. On 3 December 2018 the company purchased the controlling stake of 51 per cent in the paid-up equity share capital of Springway Mining. The acquisition will support India Cements’ plans to set up a cement plant in Madhya Pradesh.

India Cements reports 94% YoY drop in net profit

12 November 2018, Published under Cement News

India Cements posted a net profit of INR14.3m for the 2QFY18-19, ended 30 September 2018. This represents a 94 per cent fall when compared with a net profit of INR23.67m in the same quarter of the previous year. However, total income rose by 9.1 per cent at INR13.908bn in the second quarter of the 2018-19 financial year. In 2QFY17-18, total income reached INR12.749bn.

India Cements to set up 1.5Mta grinding unit

23 October 2018, Published under Cement News

India Cements Ltd is planning to establish a 1.5Mta clinker grinding unit in East Nimar district, Madhya Pradesh, at an estimated investment cost of INR3.16bn (US$42.95m). The company is currently awaiting environmental clearance for the project, while financial closure is underway. Contractor and machinery suppliers are yet to finalised, however work on the project is expected to begin by February 2019.

Cement demand rises in southern India

21 September 2018, Published under Cement News

Cement demand in southern India is increasing alongside growth in infrastructure and housing, according to N Srinivasan, chairman, India Cements. "After a long time cement demand is slowly picking up in the south, which has the problem of capacity overhang having 160Mt (out of a total capacity of 400- 425Mt in the country) against the demand of around 70- 80Mt," said Mr Srinivasan. The southern region recorded a 20 per cent rise in output in the first quarter of FY18-19, on the back of an i...

Long-term rail freight rates secured for Ramco and Zuari

27 April 2018, Published under Cement News

India’s South Central Railway (SCR) has signed a long-term tariff contract with Ramco Cements Ltd and Zuari Cements Ltd to transport freight traffic at fixed rates, according to The Hindu. Ramco and Zuari signed the agreement to ensure fixed tariff costs for three and five years, respectively.  The scheme has been designed to offer customers stability and the capacity to plan logistics for a longer period. Similar agreements have already been signed with UltraTech Cements, India Cement...

India Cement cracks down on fixed costs

13 February 2018, Published under Cement News

India Cements reported a net profit of INR152.4m in the quarter ended 31 December 2017, which represents a 35.6 per cent decrease QoQ from INR236.7m, according to the Business Standard. In 3QFY16-17 net profit reached INR353.4m. India Cements was able to contain the loss by controlling fixed costs. The company closed down the infrastructure division and partially shut down its shipping division. Changes were also made to its accounting policy. Total overheads fell to INR770m from INR1...

Indian cement companies expected to raise prices

20 November 2017, Published under Cement News

Indian cement companies are expected to raise cement prices in reaction to the recent ban on petcoke and furnace oil, which came into effect in Uttar Pradesh, Haryana and Rajasthan. The ban is expected to affect in particular Shree Cement, JK Cement, JK Lakshmi Cement, Ambuja Cement, India Cements and ACC, which operate in these states. The price hike is predicted to be around INR10 (US$0.15)/bag. Other parts of the country could be affected in the future as the Supreme Court has rec...

India Cements net profit falls 62% in 2Q17

10 November 2017, Published under Cement News

India Cements have reported a net profit of INR236.7m (US$3.5m) for the 2Q17 ended 30 September, reflecting a 62 per cent YoY drop, according to the New Indian Express. The company also saw a decrease in total revenue to INR12.7bn from INR13.1bn of the corresponding period in the previous financial year. EBITDA decreased to INR1.88bn for the same period. The volume of cement sold during 2Q17 amounted to 2.7Mt, including exports. The “second quarter proved more tough than we thought prev...