India Cements has reported a 62 per cent jump in standalone net profit at Rs 62.41 crore for the quarter ended September 30, 2016. It had clocked a net profit of Rs 38.50 crore in the year-ago period.
The cement maker’s standalone income was up by 7 per cent to Rs 1,314.44 crore in the July-September quarter this fiscal (as against Rs 1,229.10 crore during the same quarter in the previous fiscal). Expenses were higher at Rs 1,135.22 crore from Rs 1,051.86 crore.
In its regulatory filing, India Cements said that the Competition Commission of India (CCI) has imposed a fresh penalty of Rs 187.48 crore on it in its order on August 31, 2016.
“Based on the advice of the senior advocates, the company has filed an appeal before the Competition Appellate Tribunal (COMPAT), New Delhi,” the filing said.