India: The India Cements recorded full-year consolidated net sales of US$619m in the 2021 financial year, down by 13% year-on-year from US$712m. Cement sales volumes fell by 19% to 8.9Mt from 11Mt, which it blamed on production overcapacity in the south of the country. Its profit after taxes, minority interests and share of profit of associates was US$28.6m, more than triple the figure for the 2020 financial year of US$7.34m. The cement producer warned that, despite an economic recovery following the first wave of coronavirus, it expected an uncertain outlook with the current second wave of the epidemic.
The India Cements reduces sales as profit grows in 2021 financial year
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