India Cements Friday reported 93.95 per cent drop in standalone net profit at Rs 1.43 crore during the quarter ended September 2018. The company had reported a net profit of Rs 23.67 crore in the same quarter of the previous fiscal. Total income of the company stood at Rs 1,390.84 crore during second quarter of 2018-19 fiscal. It was Rs 1,274.9 crore in the year-ago period, India Cements said in a BSE filing.
The company said due to introduction of GST from July 1, 2017, as the excise duty is subsumed under GST, the said income and expenditure from July 1, 2017 are net of GST and hence not comparable. Expenses during the quarter under review were at Rs 1,389.41 crore. It was Rs 1,238.7 crore in the corresponding period a year ago.