India: The India Cements Ltd (ICL) has returned to black in the second quarter of its 2015 financial year, which ended 30 September 2014, after reporting loss for four quarters in a row. It has reported profit for the quarter despite a drop in volume and rising cost pressures.
The India Cements reported a net profit before tax of US$1.22m for the second quarter of the 2015 financial year, compared to a loss of US$5.11m in the previous year. Sales volumes were down by 3% to 2.35Mt against 2.44Mt in the prior year. Net sales were higher at US$184m during the quarter, compared to US$176m in the previous year.
T S Raghupathy, special adviser to The India Cements, said that the Indian cement industry reported a 9% in the first half of the 2015 financial year. However, growth in the south was the weakest among the regions. Tamil Nadu, Telangana and Andhra Pradesh, the principal markets for India Cements, virtually saw de-growth, he added.