Shree Cement posts Rs 311.83 cr profit for Q3

Shree Cement Ltd on Friday reported a consolidated net profit at Rs 311.83 crore for the third quarter ended December 2019. The company had posted a net profit of Rs 329.83 crore in the October-December quarter a year ago, Shree Cement said in a BSE filing.

Its total income was at Rs 3,211.65 crore during the quarter under review. It was Rs 3,195.59 crore in the corresponding quarter. Its results are not comparable as it had acquired a majority stake in Union Cement Company (UCC), a United Arab Emirates (UAE) based Company on July 11, 2018, through its wholly-owned subsidiaries. It had also acquired 100 percent stake in Raipur Handling and Infrastructure on May 14, 2018, and include the results of these companies for the entire period.

"Hence, results for nine months ended 31st December 2019 are not comparable with the corresponding period of nine months ended 31st December 2018," it said. Its revenue from the cement segment was at Rs 3,115.22 crore as against Rs 2,918.51 crore in the year-ago period.

While revenue from the power segment was at Rs 300.26 crore as against Rs 502.60 crore. Its total expenses were at Rs 2,801.89 crore.

Meanwhile, in a separate filing, Shree Cement informed the BSE that its board in a meeting held on Friday declared an interim dividend of Rs 110 per equity share of Rs 10 each for 2019-20 which includes Rs 70 per equity share as normal dividend and Rs 40 per equity share as an additional dividend for 2019-20. Shares of Shree Cement Ltd on Friday settled at Rs 24,412.75 on the BSE, down 0.90 percent from the previous close.

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