India Cements posts over 300% increase in net profits

India Cements reported an over 300% jump in its net profit for the first quarter ended June 30, 2011.

The city-headquartered company posted a net profit of Rs 102.03 crore, up by 308.4% over the corresponding period of last year.

For the first quarter ended June 30, 2010, the company had posted a net profit of Rs 24.98 crore, India Cements said.

For the year ending March 31, 2011, the company's net profits were Rs 68.10 crore.

Total income for the quarter grew to Rs 1,061.19 crore, up by 20.2% from Rs 882.79 crore reported during the same period last year.

For the year ending March 31, 2011, total income of the company stood at Rs 3,509.27 crore, it added.

The company said Foreign Currency Convertible Bonds (FCCB's) for USD 75 million were fully redeemed on May 12, the scheduled date.

The premium, including withholding tax paid on redemption of FCCB accounting for Rs 177.93 crore, has been set off against a similar amount drawn from Securities Premium Account in the profit and loss account, it said.