India Cement has reported its fifth consecutive quarterly drop due to forex losses and a lower pricing environment.

Net profit for the first quarter of the current fiscal declined by 72 per cent to INR16.82 crore. N Srinivasan, vice chairman and managing director, India Cements Ltd said: “The exchange translation charges due to unprecedented rupee depreciation impacted to the tune of INR27 crore resulting in net profit before tax of INR26 crore.”

The company also saw a drop in prices during the quarter due to excess capacity in the southern market. Average net realisation during the quarter was lower by 10 per cent at INR3,185/t against INR3550/t. There was a big drop in prices in May which has since stabilised and started rising," Mr Srinivasan added.