Shree Cement gains on robust Q3 earnings
Q3 net profit at Rs 274 crore against Rs 114 crore in the corresponding quarter of previous year.
Shree Cement is trading higher by 3% to Rs 4,545 after reporting a more-than-double net profit at Rs 274 crore for the quarter ended March 2013 (Q3) on back of robust performance from power sector and lower depreciation. The company had profit of Rs 114 crore in a year ago quarter.
The company’s power business has reported a profit of Rs 69 crore during the quarter under review against loss of Rs 69 crore in the corresponding quarter of previous year. The profits of power business were also boosted by lower depreciation on a year-on-year (yoy) basis.
The depreciation and amortization expenses almost halved to Rs 126 crore from Rs 235 crore during the recently concluded quarter. Total income from operations however, grew 7% at Rs 1,472 crore on yoy basis.
Meanwhile, the board has declared interim dividend of Rs 8 per equity share of Rs 10 each for the financial year 2012-13.
The stock opened at Rs 4,470 and hit a high of Rs 4,580 on NSE. A combined 9,334 shares have changed hands on the counter till noon deals on NSE and BSE.
The company’s power business has reported a profit of Rs 69 crore during the quarter under review against loss of Rs 69 crore in the corresponding quarter of previous year. The profits of power business were also boosted by lower depreciation on a year-on-year (yoy) basis.
The depreciation and amortization expenses almost halved to Rs 126 crore from Rs 235 crore during the recently concluded quarter. Total income from operations however, grew 7% at Rs 1,472 crore on yoy basis.
Meanwhile, the board has declared interim dividend of Rs 8 per equity share of Rs 10 each for the financial year 2012-13.
The stock opened at Rs 4,470 and hit a high of Rs 4,580 on NSE. A combined 9,334 shares have changed hands on the counter till noon deals on NSE and BSE.