Buoyed by a higher per tonne realisation, India Cements (ICL) reported a net profit of Rs 7.49 crore for the September quarter compared to a loss of Rs 22.53 crore in the corresponding quarter last fiscal. Total operating income grew 4% year on year to Rs 1,135.71 crore.
The board, which met here on Wednesday, also approved a proposal to raise Rs 500 crore through the QIP/FCCB/GDR route and other options.
“Despite an 8% drop in overall volume to 23.51 lakh tonne against 25.58 lakh tonne, the company returned to black after four quarters owing to better net plant realisation (NPR) of Rs 400 a tonne to touch Rs 3,560 in the quarter under review against Rs 3,160 in the same quarter last fiscal,” said TS Raghupathy, group advisor, India Cements. NPR per tonne in Q1 was Rs 3,312, he added.
The cement major will utilise the fund (Rs 500 crore) to retire some debts. As part of its restructuring exercise, the company has also identified some non-crore businesses.
