India Cements Q2 profit jumps 62% at Rs62.41 crore
New Delhi: India Cements today reported a 62% jump in stand-alone net profit at Rs62.41 crore for the quarter ended September 30.
The firm had clocked a net profit of Rs 38.50 crore in the year-ago period, it said in a BSE filing.
Its total stand-alone income rose by 7% to Rs 1,314.44 crore in July-September quarter this fiscal from Rs1,229.10 crore during the same quarter in 2015-16.
The company’s expenses were higher at Rs1,135.22 crore from Rs1,051.86 crore during the period under review.
The company said fair trade regulator Competition Commission of India (CCI) has imposed a fresh penalty of Rs187.48 crore on it in its order on August 31, 2016.
“Based on the advice of the senior advocates, the company has filed an appeal before the Competition Appellate Tribunal (COMPAT), New Delhi,” it added.
CCI had slapped an over Rs6,700 crore penalty on 11 cement firms including India Cements, ACC, Ambuja, Ramco and JK Cement as well as the industry body Cement Manufacturers Association (CMA) for indulging in cartelisation.
Earlier this month, cement maker ACC Ltd had said that some cement firm, including ACC, have moved the COMPAT against the penalty slapped by the regulator.