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Madras Cements, the flagship enterprise of Chennai-based Ramco Group, is planning to invest around Rs 150 crore in various expansion and power projects.
Madras Cements reported a two-and-half times jump in net profit for the third quarter of this financial year as compared to the corresponding quarter in the previous year.
Madras Cements, the flagship company of the Ramco Group, is planning to sell its cement grinding unit in West Bengal to Lafarge and Holcim at around Rs 350 crore.
Madras Cements has lined up investments to the tune of Rs 300 crore for the current fiscal. Of this, Rs 225 crore will be utilised for setting up a thermal power project.
For the second quarter of the current year, Madras Cements has reported a 20 per cent jump in net profit. The company has announced an interim dividend of Re 1 (100 per cent) a share for 2012-13.
Research firm, Emkay Global Financial Services has come out with its report on cement space. The firm remains positive on Grasim, Shree Cements and Madras Cements.
For the second quarter of the current year, Madras Cements has reported a 20 per cent jump in net profit. The focus on fuel, power and logistics costs has contributed to the performance.
The low-key Madras Cements, part of the Rs 4,500-crore Ramco group, is now getting noticed for how smartly it is managing its operations. It is setting some industry benchmarks on cost management.
Madras Cements' net profit during the second quarter of this year has more than tripled to Rs 110.88 crore on net sales of about Rs 818.99 crore as against around Rs 31.12 crore in the corresponding quarter of last year.
The earnings of Madras Cements (MCL) and India Cements (ICL) suggest an improving outlook. After several months of tardy growth, cement prices in the south were relatively stable in the December quarter. In fact, stable demand in the absence of heavy monsoon that usually plays havoc in the south during the quarter, helped lift volumes and realisation per bag of cement sold.