HeidelbergCement India's net profit rises 16%

HeidelbergCement India reported an increase of 16 per cent in its net profit during the second quarter of financial year 2019-20. Its profit after tax (PAT) stood at Rs 58.15 crore as against Rs 50.08 crore it recorded in the corresponding quarter previous year, it said in a BSE filing. The compny's net income was Rs 534.62 crore in Q2 FY20, a rise of 9 per cent from Rs 492.03 crore it registered in the similar quarter last year. "Increase in raw material, power and fuel prices were partially offset by lower freight & forwarding expenses. Grid prices increased in Madhya Pradesh and Uttar Pradesh impacting the power cost," said Jamshed Naval Cooper, managing director of the company. HeidelbergCement achieved a volume of 1,134 KT in July-Sept 2019, an increase of 0.8% year-on-year. The capacity utilization during the quarter was more than 80%.