The Ramco Cements Ltd today said its consolidated net profit for the quarter ended March 31, 2015 jumped to Rs 94.36 crore, mainly on account of lower expenses and certain adjustment of depreciation cost.
Its consolidated net profit in the January-March quarter of the previous fiscal 2013-14 was Rs 1.84 crore, the company said in a regulatory filing.
The total income from operations increased to Rs 997.52 crore, over Rs 962.67 crore in the year-ago period, it said.
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"Pursuant to implementation of depreciation method based on useful life of fixed assets as per the Companies Act, 2013, the value of fixed assets whose useful life is exhausted as on April 1, 2014, calculated under the new Act, amounting to Rs 36.22 crore have been adjusted to retained earnings after netting off deferred tax of Rs 15.62 crore," it said.
"The depreciation for the year ended March 31, 2015 is lower by Rs 55.77 crore when compared to the calculation of depreciation," it said.
The consolidated total expenses of the company during January-March quarter declined to Rs 785.58 crore, over Rs 943.31 crore in the year-ago period.
The total income from operations stood at Rs 3,732.20 crore for the 2014-15 fiscal, as against Rs 3,738.76 crore during the year ago period.
For the financial year ending March 31, 2015 consolidated net profit grew over 100 per cent to Rs 243.70 crore, from Rs 114.48 crore in 2013-14.
The company's Board of Directors has approved dividend of Rs 1.50 per share for 2014-15.
Ramco Cements' stock closed at 323.15, up 3.67 per cent, on the BSE.
