Profits had been falling for Jagan Mohan Reddy family cement firm

An increase in operating revenue was accompanied by a fall in profits for the family cement firm in the years leading to the election of Y S Jagan Mohan Reddy as chief minister (CM) of Andhra Pradesh. The son of two-time CM Y S R Reddy, he defeated N Chandrababu Naidu to head the government in 2019.

A firm in which his family holds stake, Bharathi Cement Corporation, has faced allegations of receiving disproportionate orders from the state government that he heads. Officials have reportedly denied favouritism. Bharathi Cement Corporation’s total profit fell 7.9 per cent …