 "India Cements reports Rs 36.6 crore profit in Q4")
Chennai-based cement maker India Cements Ltd has posted a net profit of Rs 36.6 crore for the quarter ended March 31, 2015, as against a loss of Rs 157.1 crore for the corresponding period last year.
N Srinivasan, vice chairman and managing director of India Cements attributed the turnaround mainly to the improvement in cement prices. Net plant realisation during the quarter was Rs 3,880 per tonne, up from Rs 3,057 a tonne a year before.
Variable cost of operation for the company during the quarter under review was higher on account of input material cost, including royalty and increase in power costs.
However, this was offset by improved net plant realisation, which has resulted in a higher Ebitda of Rs 200 crore, as against Rs 119 crore crore in the previous year period.
Interest and other financial charges were higher at Rs 106 crore, as against Rs 79 crore, due to increase in working capital and other facilities and a one-time charge. Depreciation came in lower at Rs 59 crore, when compared with Rs 72 crore. Total income decreased to Rs 1,043.1 crore during the fourth quarter from Rs 1124.7 crore in the last year.
Srinivasan said he expected cement demand in the south would see at least five per cent growth in the current fiscal, led by growth in Andhra Pradesh and Telangana.
He said the Andhra Pradesh government alone had enquired for nearly two million tonnes of cement for housing and irrigation works. India Cements has around 7.3 million tonne capacity in Andhra Pradesh and Telangana combined. The company said demand for cement in these two states had been 1.3-1.4 mt every month for the last few years.
India Cements exported around 500,000 tonnes of cement last year to neighbouring countries, and expects to increase it to 700,000 tonnes this fiscal.
Chennai Super Kings
During the quarter under review, the franchise rights in Indian Premier league (IPL) were transferred to the Chennai Super Kings cricket Ltd (CSKCL), a wholly-owned subsidiary with a net asset value (NAV as on March 31, 2014) as per books at Rs 7.83 crore.
BCCI has approved its transfer and the board of directors of India Cements in February 2015 had approved the sale of entire shareholding in CSKCL aggregating to 50,000 equity shares of Rs 10 each to a trust called ‘India Cements Shareholder Trust’ aggregating to Rs 5 lakh, said the company. Revenues of Chennai Super Kings dropped around Rs 20 crore to Rs 160 crore in the IPL season-7 due to the fall in gate fee.
N Srinivasan, vice chairman and managing director of India Cements attributed the turnaround mainly to the improvement in cement prices. Net plant realisation during the quarter was Rs 3,880 per tonne, up from Rs 3,057 a tonne a year before.
Variable cost of operation for the company during the quarter under review was higher on account of input material cost, including royalty and increase in power costs.
However, this was offset by improved net plant realisation, which has resulted in a higher Ebitda of Rs 200 crore, as against Rs 119 crore crore in the previous year period.
Interest and other financial charges were higher at Rs 106 crore, as against Rs 79 crore, due to increase in working capital and other facilities and a one-time charge. Depreciation came in lower at Rs 59 crore, when compared with Rs 72 crore. Total income decreased to Rs 1,043.1 crore during the fourth quarter from Rs 1124.7 crore in the last year.
Srinivasan said he expected cement demand in the south would see at least five per cent growth in the current fiscal, led by growth in Andhra Pradesh and Telangana.
He said the Andhra Pradesh government alone had enquired for nearly two million tonnes of cement for housing and irrigation works. India Cements has around 7.3 million tonne capacity in Andhra Pradesh and Telangana combined. The company said demand for cement in these two states had been 1.3-1.4 mt every month for the last few years.
India Cements exported around 500,000 tonnes of cement last year to neighbouring countries, and expects to increase it to 700,000 tonnes this fiscal.
Chennai Super Kings
During the quarter under review, the franchise rights in Indian Premier league (IPL) were transferred to the Chennai Super Kings cricket Ltd (CSKCL), a wholly-owned subsidiary with a net asset value (NAV as on March 31, 2014) as per books at Rs 7.83 crore.
BCCI has approved its transfer and the board of directors of India Cements in February 2015 had approved the sale of entire shareholding in CSKCL aggregating to 50,000 equity shares of Rs 10 each to a trust called ‘India Cements Shareholder Trust’ aggregating to Rs 5 lakh, said the company. Revenues of Chennai Super Kings dropped around Rs 20 crore to Rs 160 crore in the IPL season-7 due to the fall in gate fee.