Madras Cements, flagship company of the Ramco Group, today posted a 25.1% rise in net profit to Rs 123.01 crore for the first quarter ended June 30.
The Chennai-based firm had reported a net profit of Rs 98.30 crore in the year-ago period, it said in a filing to the BSE.
Total income from operations for the quarter grew by 29.5% to Rs 995.27 crore from Rs 764.18 crore in the same period of last year.
The company said Competition Commission of India (CCI) has imposed a penalty of Rs 258.63 crore on the company for alleged cartilisation with select manufacturers.
"The company proposes to appeal against the order before the Competition Appellate Tribunal and hence no provision has been made in the accounts for the same," it said.
Shares of the company closed at Rs 177.60 apiece, up by 4.53% from its the previous close on the BSE.