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Ramco Cements posted a nearly 75 per cent fall in second-quarter profit on Monday, hurt by subdued demand in the monsoon season and falling prices.
The company's net profit after tax for its standalone business, which comprises its cement segment, dropped to Rs 25.58 crore ($3 million) for the quarter ended Sept. 30 from Rs 101 crore a year earlier.
Revenue fell 12.5 per cent to Rs 2,038 crore. Key context
Cement prices hit a five-year low in the September quarter, according to Ambit Capital, due to an industry-wide ramp-up in production to meet medium-term demand expectations, leading to greater supply.
Last month, market leader UltraTech Cement posted its first quarterly revenue drop in four years on lower cement prices, but flagged early signs of price recovery.
Additionally, cement demand, already hit by a slowdown in construction in the quarter ended June 30 when India voted in the general election, did not improve in the reported quarter, due to an above-average monsoon.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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