India Cements bounced back into the black with Rs. 7.49 crore net profit for the July-September quarter on higher income and lower expenses.
The company board, at its meeting held here, has given approval for raising a sum not exceeding Rs. 500 crore through issuance of securities including QIP, FCCB or GDR.
The city-based cement maker had incurred Rs. 22.53 crore net loss in the July-September quarter of the last fiscal. In April-June quarter also, it had reported Rs. 2.96 crore loss.
Total income of the company, which has over 15 million tonnes per annum capacity, grew to Rs. 1,136 crore during the reporting quarter from Rs. 1,094 crore a year earlier.
Expenses, on the other hand, dipped slightly to Rs. 1,019 crore from Rs. 1,027 crore despite a Rs. 24 crore rise in the cost of consumed raw material.
Power and fuel costs were down as were the employment benefit expenses.
Apart from nod to the fund raising proposal, which is subject to the approval of the shareholders, the company Board has also approved delisting of the equity shares of the company from Madras Stock Exchange.