India Cements Q3 result: Subsidiary sale boosts net profit to Rs 133 crore

India Cements Limited 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 (SMPL).

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 per cent to Rs 1,281 crore in the quarter under review as against Rs 1,160.63 crore a year ago.

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Total expenses were at Rs 1,457.63 crore as compared with Rs 1,153.27 crore earlier.

On October 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 per cent from the previous close.

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