India Cements has reported a 73 per cent decline in net profit for the April-June quarter hit by higher expenses.
The Chennai-based cement maker posted a profit of Rs 16.82 crore in the first quarter against Rs 62.07 crore in the same quarter a year earlier.
In a filing to the Bombay Stock Exchange, India Cements said its net sales rose slightly to Rs 1,238 crore from Rs 1,201 crore a year ago. However, total expenses was up to Rs 1,115 crore from Rs 993 crore. It consumed power and fuel worth Rs 330 crore from Rs 288 crore a year earlier.
India Cements' consumed raw material cost also went up to Rs 159 crore compared to Rs 137 crore a year earlier. Finance costs also rose to Rs 100 crore from 95 crore a year ago.
Shares of the company fell 1.34 per cent on the Bombay Stock Exchange to Rs 44.20.