Cement price hike Cement company India Cement Limited will sell some of its land to pay off debts and increase capital expenditure. The company has also announced an increase of Rs 55 per bag in cement prices. A senior official of the company said that the rise in the price of coal has pushed up the price.
When and how much will the price go up?
India Cement Company will increase the price of cement by Rs 55 per bag in three phases from June to July. The price of cement will go up by Rs 20 per bag on June 1, Rs 15 on June 15 and Rs 20 on July 1.
What the company’s managing director said
Apart from this, the company will also sell some land to repay the loan and for capital expenditure, said N Srinivasan, managing director and vice-chairman of the company.
“We are not selling land out of fear,” he said. We have about 26,000 acres of land in Andhra Pradesh and Tamil Nadu. These lands belong to different categories.
If prices are not raised, there will be losses
Asked if other cement companies were considering lowering cement prices, Srinivasan said, “Don’t compare.” The prices of all commodities have gone up. If I do not increase the price, we will suffer a lot.
India Cement Result
India Cement had reported total revenue of Rs 4,729.83 crore in FY22, compared to Rs 4,460.12 crore in FY21. However, the company’s net profit declined sharply to Rs. 38.98 crore, up from Rs. The profit was Rs 222.04 crore.
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