India Cements
India Cements on just reported consolidated net profit of Rs 53.46 crore in the entire FY20 as against Rs 25.26 crore in the previous fiscal. Total income stood at Rs 5,223.12 crore in fiscal year 2019-20 compared to Rs 5,809.6 crore in the last fiscal.
The India Cements board also recommended a dividend of Rs 0.60 per share for FY20. India Cement's net loss in Q4FY20 came at Rs 11.76 crore against profit of Rs 32.57 crore (YoY). The cement major incurred a one-time loss of Rs 100 crore due to the market uncertainty in the quarter under review. Total income stood at Rs 1,198.1 crore against Rs 1,623.0 in FY19. In standalone terms, the company posted a net loss of Rs 111.07 crore in the given quarter.
Addressing the media following the company's results, Mr. N. Srinivasan, MD of India Cements said about Mr.Damani:
"There is nothing to say. He is a respectable person who has chosen to invest in India Cements. I should not say more. This company has been around for more than 70 years. We will continue to make cement."
Damani's family that promotes retail chain D-Mart has steadily increased shareholding in the company.
It stood at 15.16 per cent as of March 2020. Damani and his brother Gopikishan S Damani together now hold 19.89 per cent in India Cements according to regulatory filings.
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