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India Cements Q4 net down 60%; shares drop

India Cements Q4 net down 60%; shares drop
India Cements: Quotes, News
BSE 98.45BSE Quote0.2 (-0.20%)
NSE 98.65NSE Quote0.05 (-0.05%)
India Cements reported 60% drop in its net profit for the quarter ended March 31, 2013 at Rs 26.28 against Rs 64.92 crore during the corresponding quarter of the previous year.

The company's total income rose by 7.2% at Rs 1,199.04 crore in the fourth quarter from Rs 1,118.48 crore.

The EBIDTA came down to Rs.176 crores as compared to Rs.222 crores in the same quarter of the previous year.

According to a BSE filing, the company board had recommended a dividend of Rs. 2 per share for the 2012-13 fiscal.

The acute slow down continued to grip the economy for the second year in succession and the GDP growth was the lowest in the decade of around 5.1%. Except the service sector, which recorded a growth of close to 7%, all other sectors registered a sub-optimal and meager growth. This resulted in the subdued growth in demand for cement, which was around 5.5% only as per industry sources, The company said in the statement.

Due to market pressure, the hike in freight and handling expenses caused by the diesel price increase could not be passed on fully during the period under review resulting in a lower net sales realization leading to the reduction in EBIDTA, added further.

During the second half of the year, the thermal power plant at Sankar Nagar stabilized at better levels of efficiency which helped in mitigating the impact on the difference in the cost of purchased power in

Andhra Pradesh.

Stocks of the company was seen trading at Rs 86 lower by 0.40% on BSE at 11.00 am IST. It touched an intra-day low of Rs 85.80.

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