Stable cement prices in the South contributed to India Cements reporting a profit in the first quarter of the current year compared to a net loss in the comparable quarter previously.
The company reported a net profit of ₹40.10 crore (net loss: ₹2.96 crore) on a total income of ₹1,075.45 crore (₹1,234.85 crore) for the quarter ended June 30, 2015.
Stable prices in the southern markets and cost control have contributed to a better performance during the quarter helped the company “turn the corner,” said N Srinivasan, Vice-Chairman and Managing Director, India Cements.
Demand continues to be sluggish in the context of the overall slow market conditions and capacity utilisation is about 58 per cent.
The industry hopes to see some pick up in demand later in the year, he said.
On the BSE, the company’s shares closed at ₹83.35 against the previous close of ₹83.55.