Chennai: The India’s largest cement producer has registered a record profit of Rs. 406.05 crore after deducting tax (PAT) on a gross income of Rs. 1,737.42 crore for the first half of the existing fiscal (2007-08).

The recent income was up from Rs. 229.91 crore on gross proceeds of Rs 1,158.75 crore in the same period of the last fiscal (2006-07).

The figures for the first six months also comprise the financial performance of Visaka Cement Industry that was coalesced with ICL wef July 2006.

For the first half of the recent fiscal, the operating income of the company has also showed a big improvement of 39.7%, up from 34% in the corresponding period last year.

The record profit comes even after providing Rs 9.37 crore towards the projected cost of employee stock option scheme.

Further, an additional Rs 15.02 crore has been provided because of AS (Accounting Standard) 15 brought out by ICAI towards leave salary cost.

The PAT for the quarter ended September 30, 2007 has enhanced to Rs. 222.65 crore, as against Rs 117.32 crore in the same period last year.

While lecturing at a press meeting on Monday, N. Srinivasan, Vice-Chairman and Managing Director, told that the company has controlled the cost in a better way, bettered the blending and gathered advanced realisation. The standard

The average realisation for the second quarter stood at Rs. 3,900 a tonne, which was up from Rs. 3,600 in the previous (first) quarter. The average realisation for the first half was Rs. 3,751 per tonne.

Mr. Srinivasan also told that the prices could climb from December. The firmness could continue in the entire last quarter, he added.

He also said that ICL had given back arrears to the tune of Rs. 250 crore in the first six months.