Shree Cement net profit soars over two-fold

Shree Cement today reported over two-fold jump in its net profit for the quarter ended September 30 at Rs 288.91 crore.

The company had posted a net profit of Rs 107.49 crore in the corresponding quarter last fiscal, the Kolkata-based firm said in a statement.

The total income during the second quarter also soared by 40.81 per cent at Rs 909.61 crore as against Rs 645.97 crore in the year-ago period, it added.

On an overall demand scenario of cement in the country, the company said that the industry grew by 12 per cent during the last quarter on account of rising infrastructure spending and revival in real estate sector.

"The focus of the government on affordable housing and availability of concessional lending for the same is expected to drive cement demand for housing," Shree Cement said, adding that the strong cement demand factors are likely to continue fueling growth in the sector.

The company, however, said with new capacities coming up in the near future, there could have an impact on prices and capacity utilisation.