Shree Cement profit up 862%

CORPORATE SCORECARD

Shree Cement has registered a net profit of Rs 177 crore for the year ended March 31, 2007, an increase of 862 per cent on higher production, better margins and capacity utilisation.

The company claims that net profit for the year was impacted on account of additional depreciation of Rs 199.47 crore following a change in its accounting policy for depreciation on plant and machinery and provision of depreciation of Rs 114.58 crore on account of Unit IV and captive power plant.

Operating profit for the year zoomed 181 per cent to Rs 632.87, while turnover more than doubled from Rs 669.39 crore to Rs 1,367.98 crore.

Operating profit margin has jumped to 46.26 percent of net sales from the earlier 33.64 per cent.

The company's board has recommended an interim dividend of Rs 6 a share paid in March 2007 and this would be considered as final dividend for 2006-07.