Shree Cement July-Sept net profit down 24% to Rs 172 cr

Company clocked Rs 228 crore net profit in the same quarter last fiscal

Shree Cements today reported a 24.5% dip in net profit for the July-September quarter at Rs 172.22 crore on higher freight and "other" expenses.

The company, which has 13.5 million tonnes per annum (mtpa) cement production and 560 MW power generation capacity, had clocked Rs 228.13 crore net profit in the same quarter last fiscal, it said in a BSE statement.

Total income of the company during the quarter fell to Rs 1,247.54 crore as compared to Rs 1,297.16 crore in the year-ago period.

Revenue from both cement and power businesses of the company dropped during the quarter.

On the other hand, expenses during the period went up to Rs 1,112 crore from Rs 1,000 crore in July-September quarter of last year. This is mainly because of higher freight and "other" expenses.

Freight costs of the company went up to Rs 249.32 crore for the quarter from Rs 212.98 crore in the year-ago period. Other expenses during the period went up to Rs 247.37 crore from Rs 201.25 crore.