India Cements posts Q4 standalone net profit of Rs 51.21 crore

India Cements posts Q4 standalone net profit of Rs 51.21 crore
27/05/2016 , by , in ALLIED

India Cements Ltd (ICL) has reported a standalone net profit of Rs 51.21 crore for the fourth quarter ended March 31, 2015-16.

The firm led by former BCCI President N Srinivasan had clocked net profit of Rs 36.60 crore in the year-ago period, it said in a regulatory filing.

According to PTI, “The Chennai-based firm’s total standalone income stood at Rs 1,154.08 crore in January-March quarter of the previous fiscal from Rs 1,043.10 crore during the same quarter of 2014-15.”

Its total expenses stood at Rs 987.89 crore as against Rs 901.82 crore during the quarter under review.

“Consequent to hiving off the franchise IPL, the figures of the current quarter are not comparable with those of previous quarter,” ICL said in the filing.

The company informed that the government authorities had issued a provisional attachment order under the Prevention of money Laundering Act (PMLA), 2002 attaching certain assets of the company for an aggregate value of Rs 120.34 crore.

“The Adjudicating Authority specified under PMLA has confirmed the said Provisional Attachment order. The company, based on legal opinion, has appealed against the said order to the Appellate Authority,” it added.

It also said that according to the condition imposed by Board of Cricket Control in India (BCCI), ICL provided a guarantee for the purpose of guaranteeing performance/ compliance by Chennai Super Kings Cricket Ltd (CSKCL) of the obligations of the franchise under the agreement.

For the entire 2015-16, ICL’s standalone net profit was higher at Rs 137.81 crore from Rs 29.45 crore in 2014-15. Its total standalone income was, however, lower at Rs 4,248.95 crore from Rs 4,453.85 crore during the same period.

The company said its Board has recommended a dividend of Rs 1 per share for the year 2015-2016.

Shares of the company were trading at Rs 93.75 apiece, up by 5.28 per cent in the afternoon trade on BSE.

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