Shree Cement Q1 profit rises fourfold to Rs508 crore
- State oil firms plan Rs 723 crore of LPG investment in UP : Dharmendra Pradhan
- Opening bell: Asian markets open higher; Shoppers Stop, Godrej Agrovet in news
- Easing price of titanium dioxide a near-term relief for paint companies
- Indian Hotels: Improving financials but yet to satisfy investors
- The rise of flexible employment in India
New Delhi: Shree Cement Ltd on Friday reported an over fourfold jump in its standalone net profit to Rs.507.67 crore for the quarter ended June.
The firm had clocked a net profit of Rs.104.11 crore in the year-ago period, it said in a BSE filing.
Total standalone income of the company rose 45% to Rs.2,494.22 crore in April-June quarter this fiscal from Rs.1,724.59 crore during the same quarter in 2015-16.
Total expenses were higher at Rs.1,891.60 crore from Rs.1,606.07 crore during the period under review.
The company has declared an interim dividend of Rs.16 per share for 2016-17. The dividend will be paid from 24 August.
Shree Cement on Friday also announced capacity expansion of its cement grinding unit at Aurangabad (Bihar) from the existing 3.60 million tonnes per annum (mtpa) to 5.60 mtpa at a cost of around Rs.285 crore, which will be funded through internal accruals and completed by March 2018.
The company has completed upgradation of preheater of clinker line of unit-I at Beawar (Rajasthan). Consequently, the clinker capacity of the unit stands increased from 1.1 mtpa to 1.4 mtpa.