India Cements net up 16.34% at Rs 44 crore in Q1

India Cements Ltd on Thursday posted a 16.34 per cent jump in standalone net profit to Rs 43.98 crore in the quarter ended on June 30.

The company's net profit during the same quarter a year ago stood at Rs 37.8 crore, it said in a regulatory filing.

However, total income from operations decreased from Rs 1,225.7 crore in the year-ago period to Rs 1205.72 crore in the first quarter of the ongoing financial year, it said.

The financial results were approved by the company's Board of Directors in a meeting held on Thursday.

It said that authorities had issued a provisional attachment order under the Prevention of Money Laundering Act 2002 attaching certain assets of the company for aggregating value of Rs 120.34 crore.

 

The company, based on the legal opinion, has appealed against the said order to the Appellate Authority, it added.

The company is primarily engaged in manufacturing and marketing of cement.