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Tuesday, Jul 26, 2005

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India Cements posts Rs 5.21-cr net; to issue GDRs

Our Bureau

Chennai , July 25

INDIA Cements Ltd has reported a net profit of Rs 5.21 crore on sales of Rs 452 crore for the April-June 2005 period compared to a loss of Rs 18.10 crore on sales of Rs 312.14 crore for the corresponding period last year.

The board on Monday decided to issue global depository receipts or other securities to raise up to $115 million (Rs 500 crore).

The proceeds of the global issue of equity are likely to be used to swap high cost debt. The company had earlier this year raised about Rs 650 crore by privately placing equity and optionally convertible debentures.

The company attributed the improved performance to buoyancy in cement demand because of which average realisation for a tonne of cement has gone up by Rs 67 to Rs 2,448 in the quarter under review compared to the previous corresponding quarter.

According to a company release, clinker production during the quarter grew by 14.4 per cent to 14.56 lakh tonnes, while cement production increased by 44 per cent to 17.38 lakh tonnes.

With higher market share for cement affording higher margin, the company reduced clinker export and sales to 1.35 lakh tonnes (2.06 lakh tonnes).

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