India Cements Ltd has reported a 39% drop in net profit during the quarter ended June 30, 2012, at Rs 62 crore as against Rs 102 crore a year ago.
V Srinivasan, a research analyst at Angel Broking said that during the quarter, the company had Rs 20 crore of exceptional items related to the IPL franchisee and Rs 25 crore of forex loss, which along with higher depreciation dragged down the profits.
However, the company's total income rose to Rs 1,205 crore from Rs 1,061 crore — an increase of around 13%.
The topline has been driven primarily by higher realisation. Cement prices remained high on yearly basis in the company’s primary markets situated in South India aided to an extent by the improving demand situation in the region.
The company's stocks were trading 0.6% down at Rs 85 on BSE.