The India Cements Ltd., on Friday, reported a consolidated net profit of Rs 133.29 crore for December quarter 2022-23, helped by gains from sales of its subsidiary Springway Mining Pvt. Ltd.
The company had posted a net profit of Rs 16.24 crore in the year-ago period, it said in a regulatory filing.
Revenue from operations was up 10.37% to Rs 1,281 crore in the quarter under review as against Rs 1,160.63 crore a year ago. Total expenses were at Rs 1,457.63 crore as compared with Rs 1,153.27 crore earlier.
On Oct. 10, 2022, the company concluded the sale of investment held in its subsidiary SMPL for Rs 476.88 crore vide a share purchase agreement.
"The consolidated financial results for the quarter and for nine months period ended December 31, 2022 includes profit on sale of investments of Rs 300 crore," it said.
Shares of The India Cements Ltd. on Friday were trading at Rs 187.80 apiece on BSE, down 2.57% from the previous close.
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