Subsidiary sale boosts India Cements net
Aided by Rs 294.28 crore profit on sale of investments, cement major India Cements Ltd closed Q3 of FY23 with a net profit of Rs 90.73 crore.
In a regulatory filing India Cements on Friday said it closed the quarter ended December 31, 2022 with a revenue from operations of Rs 1,219.46 crore (Q3FY22 Rs 1,108.46 crore) and a net profit of Rs 90.73 crore (Rs 3.30 crore).
The exceptional income item of Rs 294.28 crore is the profit on sale of investments made in Springway Mining Private Ltd.
According to India Cements, during the quarter under review, the company concluded the sale of investment held in its subsidiary Springway Mining Private Limited (SMPL) for an agreed consideration of Rs 476.88 crore vide Share Purchase Agreement (SPA) on October 10, 2022.