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Ramco Cements focussed on marketing, including sales promotion and new markets, under tough conditions during the fourth quarter of 2016-17.
Despite an increase in cement sale, it reported a 26 per cent drop in net profit for the fourth quarter compared with the corresponding quarter of the previous year.
Ramco Cements reported a net profit of ₹134.47 crore (₹182.44 crore) on a total income of ₹1,195.77 crore (₹1,156.45 crore) for the quarter ended March 31, 2017. Total expenses were up at ₹1,003.87 crore (₹908.19 crore); finance costs more than halved at ₹20.11 crore (₹44.96 crore). Total sale of cement during the quarter was up at 22.77 lakh tonnes (20.74 lakh tonnes).
For the year ended March 31, 2017, net profit was up 20 per cent over that of the previous year at ₹649.29 crore (₹542.19 crore) on a total income of ₹4,607.03 crore (₹4,219.34 crore). Cement sales during the year was 83.48 lakh tonnes (71.99 lakh tonnes), registering a 16 per cent growth.
The company also slashed its borrowings by about ₹690 crore using internal accruals and reduction in current assets which resulted in a reduction of finance costs during the year at ₹103.52 crore (₹181.86 crore).
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