For the quarter ended 30 September 2016, India Cements Ltd (ICL) reported a 62 per cent increase in standalone net profit to INR624m (US$9.17m) compared to 38.5 in the same period last year. Total standalone net income rose 6.9 per cent to INR13.14bn in the period under review, up from INR12.29bn the previous year. Total expenses were 7.9 per cent higher at INR11.35bn in the period.
Meanwhile, the Competition Commission of India (CCI) has imposed a fresh penalty of INR1.87bn on the company in an order dated 31 August. ICL said it had filed an appeal.
The ICL board also decided to grant share purchase options to select employees. The 2m shares are to be offered at a price of INR50 per share at a face value of INR10 each.
