Mumbai: India Cements on 30 July posted a net profit of Rs183.40 crore for the quarter ended 30 June, 2007, against Rs112.59 crore for the same quarter last year.
Total income (net of excise) was Rs710.91 crore, against Rs490.66 crore, the cement manufacturer informed the Bombay Stock Exchange.
The entire undertaking and business of the Visaka Cement Industry Ltd got transferred and became vested with The India Cements Ltd, pursuant to the 25 July order of the Madras High Court effective 1 July, 2006.
Consequently, the accounts for the financial year ended 30 March and for the current quarter are prepared after taking into account the transactions of Visaka Cement Industry Ltd and therefore, the figures are not comparable with those of the previous period, India Cements added.
The company has also declared a dividend of Re1 on shares of Rs10 each (10%) for the year 2006-07.
The board of directors of the company approved the issue of 4 crore equity shares of Rs 10 each to the shareholders of erstwhile Visaka Cement Industry Ltd (VCIL).
Shares of the company were trading at Rs203, up 3.94% on BSE in afternoon trade.