Bengaluru, July 20 -- A cement manufacturer with a strong base in South India has reported one of its better quarters in recent times, with earnings growing at a much faster pace than sales. The improvement came largely from higher volumes and leaner operations rather than price hikes, pointing to a business gradually getting its cost structure in order.

With a market capitalization of around Rs.12,200 crore, shares of India Cements Limited were trading near Rs.394, with a 52-week range of Rs. 485.80 to Rs. 329.75; the stock trades at a P/E of close to 90x.

Q1 Overview

On a consolidated basis, net sales for the quarter came in at Rs.1,013 crore, roughly flat compared to Rs.1,021 crore a year earlier. Total expenses fell to Rs.864 crore...