Shree Cement Q4 net at Rs 66 cr on tax refund

Shree Cement today reported a Rs 65.73 crore net profit for the quarter ended March 31, 2011 on a Rs 95 crore tax refund.

"Our tax outgo during the quarter is actually negative. We have received a Rs 95 crore tax return during the quarter. This has reflected on the bottomline of the company," Shree Cement Managing Director H M Bangur told PTI.

The company had recorded Rs 71.37 crore net loss in the corresponding quarter of the previous fiscal.

Total sales of the company also rose to Rs 1,072.44 crore during the quarter against Rs 945 crore in the same quarter last fiscal.

Consumption of raw material and expenditure on power & fuel during the quarter went up to Rs 112 crore and Rs 302 crore from Rs 84.23 crore and Rs 178 crore, respectively in the same period of the previous fiscal.
    
Net profit of the company in FY11, however, sharply dipped to Rs 210 crore compared to Rs 676 crore in FY'10. Bangur attributed the dip to lower realisation and higher expenditure on power and fuel.
    
"Our realisation has come down by almost Rs 200 per tonne during FY'11 over the previous fiscal. This has impacted the company around Rs 200 crore. Apart from that, though volumes were flat, our expenditure on power and fuel has gone up by Rs 300 crore," Bangur said.