Heidelberg Cement India has reported a seven-fold jump in net profit to Rs 16.5 crore for the September quarter. The company was aided by better realisation and reduction in operating costs.
The cement player had notched up a net profit of Rs 2.15 crore in the same period of the previous fiscal, Heidelberg said in a filing to the BSE. The company’s total income fell marginally to Rs 462.55 crore in the July-September quarter of the current fiscal, compared to Rs 467.78 crore a year ago.
Its total expenses were lower at Rs 414.95 crore (compared to Rs 440.28 crore recorded in the year-ago period). "Improvement in margins led by increase in average gross realisation per tonne by 2.7 per cent year-on-year and reduction in operating costs (including freight) by 2.4 per cent y-o-y (was achieved) through concerted efforts," Heidelberg said in its statement.
The firm added that it achieved quarterly sales of around a million tonnes in the September 2016-17 quarter. Heidelberg Cement India is a subsidiary of Germany-based Heidelberg Cement Group.