Chennai: India Cements Ltd on Wednesday reported a net profit of 5 crore in the December quarter against a net loss of 12 crore a year ago, missing expectations of a higher profit.

Sales during the quarter fell 10% to 937 crore from 1,040 crore a year ago.

Analysts polled by Bloomberg had estimated a profit of 13 crore on sales of 939 crore.

“Tamil Nadu is my goldmine market for us which was impacted by the torrential rains in November and December and therefore, our sales was impacted," said N. Srinivasan, executive director and managing director of the company, at a press conference.

“We did not lose sales but just deferred due to rains," he added.

Srinivasan said he expects better sales in Tamil Nadu in the current quarter but Andhra Pradesh and Telangana are yet to witness a growth in sales of cement.

Capacity utilization of India Cements factories was down to 52% in the December quarter compared to 60% in the September quarter.

Ramco Cements Ltd, another Chennai-based cement-maker, has reported a five-fold jump net profit of 118 crore on sales of 812 crore.

India Cements shares fell 4.53% to close at 77.90 apiece on BSE, while the benchmark Sensex fell 1.09% to 23,758.90 points.

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