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Orient Cement posts decline of 58.86 percent in net profit to Rs 16.01 crore

The company had reported a net profit of Rs 38.92 crore in the April-June quarter a year-ago, Orient Cement said in a BSE filing.


PTI 01 Aug 2018, 02:13 PM India

CK Birla group firm Orient Cement today reported a decline of 58.86 percent in its net profit to Rs 16.01 crore in the first quarter ended June of the current fiscal.

The company had reported a net profit of Rs 38.92 crore in the April-June quarter a year-ago, Orient Cement said in a BSE filing.

Total income stood at Rs 643.24 crore during the quarter under review. It was Rs 662.81 crore in the corresponding quarter of the last fiscal.

Meanwhile, the company said that its revenue was not comparable as sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses.

"Hence, revenue from operations for the three months ended June 30, 2018, are not comparable with previous period corresponding figures," Orient Cement said.

Total expenses for the second quarter were at Rs 616.30 crore.

Shares of Orient Cement today settled at Rs 120.65 apiece on the BSE, down 4.13 percent from their previous close.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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