Shree Cement Q4 net profit surges 87%

Shree Cement reported an 87 per cent jump in standalone net profit to Rs. 223.3 crore for the quarter ended March.

The firm had clocked a net profit of Rs. 119.8 crore in the January-March period of the 2014-15 fiscal, it said in a regulatory filing.

Total standalone income of the firm rose 28 per cent to Rs. 2,017.4 crore in the same quarter of the 2015-16 fiscal as against Rs. 1,578.40 crore in the year-ago period.

Total expenses were higher at Rs. 1,846.2 crore during the quarter under review compared with Rs. 1,498.8 crore in the same period a year ago.

Besides, the company said it would set up a clinker plant with 2.8 million tonne per annum (MTPA) capacity at its integrated cement plant in Raipur, Chhattisgarh. The investment required for the capacity addition at the 2.6 MTPA cement plant is about Rs. 700 crore, which excludes the cost of land and other infrastructure, it added. It will finance the amount through internal accruals and the exercise will be completed by March 2018, Shree Cement said.

For the entire 2015-16 fiscal, the firm’s standalone net profit rose to Rs. 454.9 crore as against Rs. 426.3 crore in the preceding fiscal. Total income was, however, lower at Rs. 5,567.8 crore in the reported fiscal compared with Rs. 6,453.6 crore in the 2014-15 fiscal. Shree Cements shares closed 1.88 per cent down at Rs. 12,920 apiece on the BSE. — PTI