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HeidelbergCement India’s profit dips 4.55% to Rs 59.56 crore in Q2 FY22

HeidelbergCement India has reported a 4.55 percent decline in its net profit to Rs 59.56 crore for the second quarter ended September 2021. The company had reported a net profit of Rs 62.4 crore in the corresponding quarter of the last year, it said in a BSE filing.

Its revenue from operations stood at Rs 569.24 crore during Q2 FY22, 11.03 percent increase from Rs 512.69 crore ot recorded in the similar quarter previous fiscal.

In a separate filing, HeidelbergCement India said its independent Director/Chairperson Akila Krishnakumar has resigned from the position and the board has accepted her resignation.

“The Board of Directors has appointed Ramakrishnan Ramamurthy who is an independent director of the company, as Chairman of the Board of Directors with effect from October 20, 2021 in place of Akila Krishnakumar,” it said.

“Total operating cost (incl. freight) per tonne increased by 6.7 percent y/y mainly due to significant increase in fuel, packaging and diesel costs,” the company said in a media release.

According to the company, its sales volume was up 11.1 percent to 1,231 KT during the quarter as against 1,108 KT of the similar quarter last year. “Volume increased by 11% y-o-y whereas average selling price remain flattish,” it said.

The company distributed dividend of Rs 8 per share. As of September 30, 2021, the company had net cash balance of c. Rs 79.60 crore.

It also signed a long-term power purchase agreement to source c. 22 Gigawatt hours per annum solar power for its Jhansi plant, expected to start solar power supply in quarter ending December 2021.

Ankit Sharma, ET Realty, Delhi/NCR

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