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India Cements reports 94 pc drop in Q2 standalone net profit

The company said due to the introduction of GST from July 1, 2017, as the excise duty is subsumed under GST, the said income and expenditure from July 1, 2017 are net of GST and hence not comparable.


Devdiscourse News Desk new delhi Last Updated at 09-11-2018 13:41:26 IST India
India Cements reports 94 pc drop in Q2 standalone net profit
  • (Image Credit: Pixabay)

India Cements Friday reported 93.95 per cent drop in standalone net profit at Rs 1.43 crore during the quarter ended September 2018.

The company had reported a net profit of Rs 23.67 crore in the same quarter of the previous fiscal.

Total income of the company stood at Rs 1,390.84 crore during the second quarter of 2018-19 fiscal. It was Rs 1,274.9 crore in the year-ago period, India Cements said in a BSE filing.

The company said due to the introduction of GST from July 1, 2017, as the excise duty is subsumed under GST, the said income and expenditure from July 1, 2017 are net of GST and hence not comparable.

Expenses during the quarter under review were at Rs 1,389.41 crore. It was Rs 1,238.7 crore in the corresponding period a year ago.

Shares of India Cements were trading 3.57 per cent higher at Rs 97.30 apiece on the BSE.

(With inputs from agencies.)


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