The Hindu Business Line : India Cements loss before tax at Rs 112.73 crore

A company release said the combination of a partial recovery in cement prices and higher volumes in 2003-04, all round cost-cutting and a reduction in interest cost helped it bring down the loss.

The sales and other income in 2003-04 were Rs 1,237 crore (Rs 1,033 crore), higher by 20 per cent in relation to the previous year. India Cements' sale of clinker and cement in 2003-04 was 58.25 lakh tonnes (49.99 lakh tonnes), up by 17 per cent.

The company release said the higher sales came about when it was able to take advantage of the export market on the heels of more remunerative prices and buoyant demand for cement and clinker in the international market.

The profit before interest and depreciation in 2003-04 was Rs 118.04 crore (Rs 45.71 crore). The interest expense in 2003-04 was Rs 161.68 crore (Rs 258.54 crore). The company release said the Debt Restructuring Scheme had been approved by most of the lenders and it awaited approval from the balance. The interest for 2003-04 has been computed on the basis of options indicated by the lenders.