India Cements net soars 90%

India Cements (ICL), the country's fifth largest cement maker, has posted a robust 89.78 per cent increase in net profit at Rs 222.65 crore for the quarter ended September 30, 2007, against Rs 117.32 crore in the previous corresponding quarter.

Net sales in this period grew 72.41 per cent to Rs 890.23 crore as compared with Rs 516.35 crore last year.

A substantial rise in sales volumes accompanied by strong domestic demand and improved realisations contributed to the cement maker's Improved numbers.

The company has a strong foothold in the southern markets which have seen the steepest increase in cement prices this year, ranging from Rs 7 to Rs 15 a bag of 50 kg.

The company is adding 2 million tonnes capacity which will take its total capacity to 11 million tonnes by the end of this year.

Operating profit grew 80.63 per cent to Rs 313.22 crore during the quarter, from Rs 173.4 crore in the previous corresponding quarter. Earnings per share for the September quarter stood at Rs 8.55 against 5.56 last year.

The India Cements share closed at Rs 277.95 on the Bombay Stock Exchange on Monday, up 3.52 per cent, from its weekend close of Rs 268.50.