Active Stocks
Sat Mar 02 2024 12:29:56
  1. Tata Steel share price
  2. 155.30 3.53%
  1. HDFC Bank share price
  2. 1,430.50 -0.05%
  1. State Bank Of India share price
  2. 773.40 0.53%
  1. ICICI Bank share price
  2. 1,084.60 -0.21%
  1. Axis Bank share price
  2. 1,095.00 -0.40%
Business News/ Companies / Company Results/  Shree Cement Q3 net profit up 3% to 309.95 crore
BackBack

Shree Cement Q3 net profit up 3% to ₹309.95 crore

The company’s expenses, during the reporting quarter, on power and fuel fell by 37%
  • During December quarter, Shree Cement raised ₹2,400 crore by offering shares
  • The company said cement sales went up 6% (Priyanka Parashar/Mint)Premium
    The company said cement sales went up 6% (Priyanka Parashar/Mint)

    Mumbai: Cement manufacturer Shree Cement Ltd on Friday posted a 3% increase in its net profit at 309.95 crore in the quarter ended December 31, 2019 helped by drop in fuel and other input costs.

    In a filing to the BSE, the Kolkata-headquartered firm’s net revenue stood at 2,848.34 crore, up 2% from the year-ago period. The company said cement sales went up 6% to 5.98 million ton from 5.64 million ton recorded in the corresponding quarter of the previous year.

    “With continuous focus on premium brand segment and reduction in fuel and other input costs, the EBITDA (earnings before interest, taxes, depreciation, and amortization) and net profit of the company increased during the quarter ended 31st December, 1920," Shree Cement said in a statement.

    The company’s expenses, during the reporting quarter, on power and fuel fell by 37% to 479.32 crore from 659.08 crore posted in the corresponding period in the previous financial year.

    During December quarter, Shree Cement has raised 2,400 crore by offering shares through Qualified Institutions Placement (QIP). The company had also announced that its upcoming clinker grinding units in Cuttack District of Odisha and Pune District of Maharashtra, having capacity of 3.0 million tons per annum each, are expected to be completed by March and September this year respectively.

    “The cement demand has been largely muted due to slowdown in Indian Economy. There are however, green shoots visible on the back of good monsoon and infra spending," the company said.

    Shares of Shree Cement Ltd closed at 24,412.75, down 0.90% while Sensex fell by 0.49% at 41,257.74 points from the previous close.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 14 Feb 2020, 06:58 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie