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Business

India Cements Q1 net profit drops 69.7% to Rs 19.47 crore

Updated : July 28, 2020 11:08 AM IST

India Cements on Monday reported a 69.70 percent fall in its consolidated net profit to Rs 19.47 crore for the first quarter ended June 2020, hit by COVID-19 led disruptions. The company had posted a net profit of Rs 64.27 crore during the April-June quarter of the previous fiscal,India Cements said in a regulatory filing.

Its revenue from operations was down 48.97 percent to Rs 763.46 crore during the quarter under review as against Rs 1,496.37 crore in the corresponding period of the previous fiscal.

The company said its regular business operations have been disrupted severely due to COVID-19 outbreak and subsequent lockdowns, which led to restrictions in transportation, supply chain disruptions, travel bans, social distancing and other emergency measures.

In consequence of the lockdown, the operations of the company were shut down during the last week of March 2020 and restarted in phases during April 2020, it said. "The pandemic situation has affected the normal business operations of the company and production, sales and profitability, inter alia, have been impacted," the company said.

Total expenses were at Rs 743.04 crore in Q1/FY 2020-21, down 46.96 percent from Rs 1,401.09 crore a year ago. Shares of India Cements on Wednesday were trading at Rs 117.90 apiece on the BSE, down 0.21 percent from their previous close.

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