India Cements Q3 net up seven fold to Rs 133 crore on sale of subsidiary

Revenue rises 10%; company lines up Rs 1,600 cr plan to revamp old plants

Chennai-based India Cements (ICL) has posted a seven-fold rise in consolidated net profit to Rs 133.29 crore during the third quarter of the financial year 2022-23, up from Rs 16.24 crore during the same period last financial year, driven by the gains from the sales of its subsidiary Springway Mining. The company is also set to come up with a Rs 1,600-crore project to refurbish all the old plants, as a move to improve operational efficiency.  

The company’s revenue from operations was up by over 10 per cent to Rs 1,281 crore during the quarter under review, from Rs 1,160.63