Cement News tagged under: India Cements

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India Cements sees rise in profit for the 2QFY20-21

06 November 2020, Published under Cement News

India Cements has reported a rise in profit to INR714.3m (US$9.63m) for the second quarter of the FY20-21, compared to INR87.2m in the year-ago period. However, the company’s revenue declined 14 per cent YoY to INR10.69bn from INR12.46m. With the backdrop of a decline in demand, the overall sales volumes of clinker and cement decreased to 2.107Mt against 2.667Mt in the same quarter of the previous year. Despite this, EBIDTA surged 60 per cent YoY to INR2.4bn from INR1.5bn in the 2QFY19...

India Cements expects improvement

29 September 2020, Published under Cement News

India Cements’ Managing Director, N Srinivasan, has announced that the company expects an improvement in performance going forwards. "With further relaxation of lockdown measures, there are expectations of increased public spending on rural infrastructure, irrigation, road building and other projects. This, along with a pick-up in individual home building and construction, is expected to improve cement demand," said the MD. Improving conditions in its key markets, such as in Andhra Pra...

India Cements begins transporting fly ash by rail

11 September 2020, Published under Cement News

India Cements’ plant in Chilamkur, Andhra Pradesh, has started loading wet fly ash for another plant in Vishnupuram, Telangana. This marks the first time that fly ash is being loaded by railways from this plant, as the company used to transport the material through roadways. Freight customers currently receive a 40 per cent concession on the normal tariff rates (NTR) if they load fly ash either in bagged or in loose/bulk condition through open wagons.

India Cements post 77% drop in 1Q net profit

28 July 2020, Published under Cement News

India Cements reported a 76.5 per cent fall in its net profit to INR169.6m (US$2.3m) in the first quarter of FY20-21 from INR722.1m in the 1QFY19-20. Total income declined 48.3 per cent to INR7.603bn in the 1QFY20-21 from INR14.72m in the year-ago period. EBITDA reached iNR1.59bn despite a steep drop in volumes due to the COVID-19 pandemic. “By first quarter results, it is just like reaching at the crossroads. We have dealt with the COVID pandemic, we have neither asked any employees to ...

India Cements doubles net profit in FY19-20

25 June 2020, Published under Cement News

India Cements reported consolidated net profit of INR534.6m in FY19-20 when compared with INR252.6m in FY18-19. Total income rose from INR58.1bn in FY18-19 to INR52.231bn in FY19-20. India Cement's net loss in the 4QFY19-20 reached INR117.6m when compared with a profit of INR325.7m in the 4QFY18-19.  The company incurred a one-time loss of INR1bn owing to coronavirus uncertainty in the quarter under review. Total income stood at INR11.98bn in 4QFY19-20 when compared with INR16.23bn in the y...

India Cements denies reports of acquisition

18 June 2020, Published under Cement News

Despite recent reports, India Cements has denied that Radhakishan Damani, owner of Avenue Supermarts Ltd, will be acquiring a controlling interest in the company. Mr Damani currently holds a stake of around 20 per cent, while the related group has a stake of around 29 per cent. "Damani is an investor, so he has been acquiring a stake in India Cements over a period of time. It does not seem like he would want to own and operate a cement company," said a Mumbai broker to The Hindu Business...

India Cements partially resumes operations

28 April 2020, Published under Cement News

India Cements has partially resumed the operation of some its plants in a phased manner. "Considering the uncertainties involved, the impact arising on account of the COVID-19 pandemic on the performance of the company is not ascertainable at this stage," the company said in a disclosure. India Cements’ Vice Chairman, N Srinivasan, had attended a meeting with Tamil Nadu’s Chief Minister, and stated that with no income and financial strain, the cement industry will face enormous difficu...

Indian manufacturers prepare to resume production

21 April 2020, Published under Cement News

India’s ACC, India Cements, JK Lakshmi and JK Cement are looking to resume cement production in a phased manner from 20 April, while also abiding by all standard operating procedure guidelines related to social distancing. In new guidelines issued on 15 April, the Indian government has allowed industrial units located in rural areas to operate from 20 April. "We would like to inform that the company shall resume operations, from 20 April 2020, in a phased manner, subject to requisite p...

India Cements sees investors increase stake

17 March 2020, Published under Cement News

The Damani family, one of India’s wealthiest, further increased their stake in India Cements from 11.98 per cent to 16 per cent through open market transactions on 16 March. This follows the family boosting their stake from 7.27 per cent to 11.98 per cent on 26 February 2020.

India Cements reports net loss in 3QFY19-20

10 February 2020, Published under Cement News

India Cements has reported an INR53.7m (US$751,232) standalone net loss in the quarter ending 31 December 2019, compared with an INR31.3m profit in the year-ago period. Total income also declined 4.3 per cent YoY to INR11.94bn from INR12.48bn. EBITDA was down by five per cent YoY to INR1.32bn from INR1.39bn in the 3QFY18-19. Despite this, the drop in EBITDA was reportedly mitigated by a reduction in the variable cost of production. "The overall demand in south is picking up with AP and T...