India Cements' FY20 profit rises to Rs 53 crore; board recommends dividend

India Cements on Wednesday reported consolidated net profit of Rs 53.46 crore in the entire FY20 as against Rs 25.26 crore in the previous fiscal. Total income stood at Rs 5,223.12 crore in fiscal year 2019-20 compared to Rs 5,809.6 crore in the last fiscal, India Cements said in an exchange filing.

The company board also recommended a dividend of Rs 0.60 per share for FY20. India Cement's net loss in Q4FY20 came at Rs 11.76 crore against profit of Rs 32.57 crore (YoY). The company incurred a one-time loss of Rs 100 crore owing to coronavirus uncertainty in the quarter under review. Total income stood at Rs 1,198.1 crore against Rs 1,623.0 in FY19.  In standalone terms, the company posted a net loss of Rs 111.07 crore in the given quarter.

"The spread of novel coronavirus disease has severely impacted businesses in India and abroad. The regular business operations have been disrupted severely due to lockdowns, restrictions in transportation, supply chain disruptions, travel bans, social distancing and other emergency measures. The pandemic situation has affected the normal business operations of the company and production, sales and profitability," India Cements said.

Shares of India Cements were trading at Rs 129, down 2.70 points, or 2.05 per cent on BSE at the time of reporting.

Meanwhile, there were reports recently that said retail tycoon Radhakishan Damani is planning to  buy a controlling stake in India Cements. Damani currently owns a 10.29 per cent stake (3,18,86,777 shares) in the company, while his brother Gopikishan Shivkishan Damani possesses an 8.26 per cent stake (2,56,01,589) in the cement manufacturer as of March 31, 2020.

Also read: RIL deal: Mukesh Ambani closes in on $15 billion-agreement with Saudi Aramco

Also read: Coronavirus crisis in India: Highest spike of nearly 16,000 new cases in 24 hours; total tally surges to 4.56 lakh