HeidelbergCement’s net profit slumps 4.55% to Rs 59.56 cr in Q2 FY22

Cement manufacturing major HeidelbergCement India reported a 4.55% drop in net profit to Rs 59.56 crore in Q2 FY22.

In the same quarter last year, the company reported a net profit of Rs 62.4 crore, according to a BSE filing.

During the second quarter of FY22, it generated Rs 569.24 crore in revenue from operations, up 11.03% from Rs 512.69 crore in the previous fiscal quarter.

HeidelbergCement India said in a separate filing that its independent director or chairperson Akila Krishnakumar has resigned and that the board has accepted her resignation.

In place of Akila Krishnakumar, the Board of Directors has appointed Ramakrishnan Ramamurthy, an independent director of the company, as Chairman of the Board of Directors, effective 20th October 2021.

Total operating costs including freight per tonne increased by 6.7% year over year, primarily due to significant increases in fuel, packaging, and diesel costs, the company told the media.

According to the company, sales volume increased by 11.1% to 1,231 KT in the quarter, compared to 1,108 KT in the previous quarter.

The company paid out an Rs 8 dividend per share. The company had a net cash balance of around Rs 79.60 crore as of 30th September 2021.

It also signed a long-term power purchase agreement to source approximately 22 GW hours of solar power per year for its Jhansi plant, which is expected to begin solar power supply in the fourth quarter of 2021.

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