HeidelbergCement India Q2 profit down 4.55% to Rs 59.56 crore

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HeidelbergCement India Ltd on Tuesday reported a 4.55 per cent decline in its net profit to Rs 59.56 crore for the second quarter ended September 2021 on account of increased operating cost.

The company had reported a net profit of Rs 62.4 crore in the July-September quarter of the last year, HeidelbergCement India said in a BSE filing.

Its revenue from operations was up 11.03 per cent to Rs 569.24 crore during the quarter under review as against Rs 512.69 crore in the year-ago quarter.

"Total operating cost (incl. freight) per tonne increased by 6.7 per cent y/y mainly due to significant increase in fuel, packaging and diesel costs,” the company said in a post earning statement.

HeidelbergCement India total expenses were at Rs 49,942 crore, up 16.35 per cent in Q2/FY 2021-22, as against Rs 42,923 crore.

According to the company, its sales volume was up 11.1 per cent to 1,231 KT during the quarter as against 1,108 KT of the corresponding quarter.

"Volume increased by 11% y-o-y whereas average selling price remain flattish,” said HeidelbergCement India, a subsidiary of HeidelbergCement Group, Germany.

"During Jun’21Q, volume increased by 38 per cent y-o-y mainly driven by base effect of national lockdown in the corresponding period of Jun’20Q,” the company said.

Meanwhile, in a separate filing, HeidelbergCement India said its independent director / Chairperson Akila Krishnakumar has resigned from the position and the board has accepted her resignation.

"The Board of Directors has appointed Ramakrishnan Ramamurthy who is an independent director of the company, as Chairman of the Board of Directors with effect from October 20, 2021 in place of Akila Krishnakumar,” it said.