India Cements profit more than doubles

‘Measures to cut costs aid bottomline’

The India Cements Ltd. (ICL) standalone net profit for the first quarter has more than doubled to ₹37 crore, due to proactive measures in controlling fixed costs, administrative and marketing overheads, and other discretionary expenses. “The situation was more like Q1 of last fiscal,” said vice chairman and managing director, N. Srinivasan. “ICL’s plant capacity utilisation went up from 35% to 50% as we expanded the marketing zones to North, Northeast and Central India, which helped in improving the despatches during these tough times of severe lockdowns in the main markets,” he added. The numbers had been achieved in the quarter ended June despite the onslaught of the second wave — which impacted the overall volume — and in the face of severe cost pressure through increase in fuel price and continuous increase in the price of petroleum products, he said.