Chennai: Ramco Cements Ltd on Tuesday reported a fivefold jump in net profit in the December quarter on costs cuts and tax writebacks.

The Chennai-based cement maker posted a net profit of 118 crore compared with 23 crore a year ago. The profit beat an analyst estimate of 54 crore in a Bloomberg survey.

The company wrote back tax provisions of 11.85 crore related to earlier years. Ramco Cements also received a refund of 26 crore which was deposited with the Competition Appellate Tribunal. The Tribunal set aside the Competition Commission of India’s order on alleged cartelisation by cement companies.

Net sales rose to 812 crore from 786 crore a year ago. Analysts polled by Bloomberg had estimated sales of 723 crore.

Ramco Cements share closed at 373.85, down by 1.88% as the BSE’s benchmark Sensex ended lower by 1.10 % to 24,020.98 points.