Gross Sales increased by 8% to Rs. 1,040 Crores and Net Sales increased by 13 % to Rs. 936 Crores due to better realisations . Cement volumes grew moderately by 2% over last year

New Delhi, Delhi, February 24, 2010 / IndiaPRLine / — Highlights

a) Gross Sales increased by 8% to Rs. 1,040 Crores and Net Sales increased by 13 % to Rs. 936 Crores due to better realisations . Cement volumes grew moderately by 2% over last year

b) EBITDA for year 2009 grew by 41 % to Rs. 205 Crores

c) Profit before tax increased to Rs. 175 Crores reflecting an increase of 49% over last year

d) Net profit after tax for the year 2009 stood at Rs. 134 Crores against Rs. 132 Crores for year 2008

e) Post tax EPS stood at Rs. 5.85

after considering full year results of Raigad operations ( erstwhile Indorama Cement Ltd. ) for year 2008

The company had absorbed all accumulated business losses and unabsorbed depreciation during 2009. As a result, the company has provided for a higher tax expense in the year 2009.

It is pertinent to note that the company has paid income tax for the first time after a gap of nearly 15 years.

These results were primarily driven by growth in volumes in home markets, better realizations and cost control initiatives undertaken by the company .

With the total outstanding debt of Rs. 2 Crores, the net cash of the company stood at Rs. 493 Crores as on 31st December 2009 .

Capacity Expansion

The Company’s present installed capacity is 3.07 MTPA. Given the expected upturn in the years to follow , the Company has embarked upon a coordinated expansion project at its Damoh & Jhansi units:-

(i) Expansion of clinker manufacturing capacity from 1.2 MTPA to 3.1 MTPA at Narsingarh, District Damoh, Madhya Pradesh.

(ii) Expansion of cement grinding capacity from 1 MTPA to 2 MTPA at Imlai, District Damoh, Madhya Pradesh.

(iii) Expansion of cement grinding capacity from 0.8 MTPA to 2.7 MTPA at Jhansi, Uttar Pradesh.

The Company has already received requisite approvals, subject to fulfillment of certain conditions, from the Government Authorities for the aforesaid expansion projects. The work on the aforesaid expansion projects has already begun and it is expected that the commercial production would commence in the first quarter of the year 2012. After completion of the aforesaid expansion, the total cement production capacity of the Company would double to 6 MTPA.