Chennai: Hit by a slump in demand and capacity “overhang”, India Cements reported standalone net loss at Rs 30.56 crore for the fourth quarter ended March 31, 2014.
The Chennai-based company had reported Rs 26.28 crore net profit in the January-March quarter of 2012-13. India Cements Ltd Vice-Chairman and MD N Srinivasan said that “capacity overhang in South (India) continues to put pressure (on financials). In 2009, there was 24 lakh tonne demand in Andhra (Pradesh). But now it is only 16 lakh tonnes”. Net sales in Q4, 2013-14 fell to Rs 1,080 crore from Rs 1,191 crore in the year-ago period, while expenses dipped by Rs 17 crore at Rs 1,077 crore.