Chennai, Nov 9 (PTI) India Cements Ltd today reported standalone net profits at Rs 23.67 crore for the quarter ending September 30 this year.Also Read - Has 3rd COVID Wave Arrived in India? Karnataka Among Several States to Report New Variant AY.4.2

The city-based N-Srinivasan-led company had registered net profits at Rs 62.41 crore during the same period previous year. Also Read - NHM MLHP Recruitment 2021: Apply For 3393 Posts Before Nov 6. Check Eligibility and Other Details

For the half year period ending September 30, this year, the net profits of the company stood at Rs 50.11 crore as against Rs 106.39 crore uring same period last year. Also Read - MS Dhoni Not Clear on his Availability for IPL 2022 But N Srinivasan is Clear on his Plans For MSD

Total income during the quarter ending September 30, 2017 was came down to Rs 1,274.90 crore as against Rs 1,314.44 crore in the corresponding quarter of the last financial year.

For the six month period ending September 30, 2017, the standalone total income went up to Rs 2,741.65 crore from Rs 2,520.16 crore registered during year ago period.

The financials were not comparable as last year figures include excise duty besides the company’s subsidiary Trinetra Cements was merged with it.

Declaring the annual results, company Vice-Chairman and Managing Director, N Srinivasan said the ‘sluggishness’ cannot be attributed only to demonetisation introduced last year or the Goods and Service Tax or general economical slowdown.

“It may be a combination of all the three. But I should also tell that absence of sand being freely available was also a reason. My bread and butter market is Tamil Nadu and the (Cement) volume cannot be improved despite the demand”, he told reporters.

This was the first time the company witnessed a degrowth of 12 per cent, he said.

Srinivasan said, the company may look at “diversification” to manage the situation by focusing in West and North markets along with Andhra Pradesh and Telangana.

The company currently has four manufacturing facilities and were operating at a capacity of 70 per cent as of September 30, 2017 as compared to last year’s 68 per cent.

The net plant realisation was Rs 3,473 for the quarter ending September 30, 2017 as against Rs 3,604 in the sequential quarter ending June 30, 2017.

To a query Srinivasan said the gross debt of the company stood at Rs 3,260 crore as of September 30, 2017.

This is published unedited from the PTI feed.