India Cements slips 7% on disappointing September quarter results

The stock slipped 7% to Rs 90.65 on the BSE after the company reported net profit of Rs 14 million in September quarter against Rs 237 million in a year ago quarter.

Shares of India Cements have slipped 7% to Rs 90.65 per share on the BSE after the company reported a sharp 94% year-on-year (Y-o-Y) decline in its net profit at Rs 14 million in September quarter (Q2FY19), due to higher input cost. It had a profit of Rs 237 million in the year-ago quarter.

India Cements said the tough cement market conditions in south India arising out of regional imbalances in capacity coupled with a steep increase in the prices of fuel and petroleum products along with depreciation of rupee against dollar all had an impact on the operating