India: India Cements revenue has fallen by 5% year-on-year to US$636m for the financial year that ended on 31 March 2016 from US$663m in the same period in 2015 - 2016. Its net profit rose to US$20.5m from US$4.39m.
In the notes provided with its annual financial results the Indian cement producer reported that its was appealing against a provisional attachment order under the Prevention of Money Laundering Act (PMLA), 2002 attaching certain assets of the company for a value of US$17.9m. It also noted that according to the condition imposed by Board of Cricket Control in India, India Cements provided a guarantee for the purpose of guaranteeing performance and compliance by Chennai Super Kings of the obligations of the franchise under the agreement. The Chennai Super Kings cricket team was suspended for two years in mid 2015 due to a corruption scandal.
