Shree Cement gains after strong Q3 outcome

The result was announced after market hours on Monday, 29 April 2013.

Meanwhile, the BSE Sensex was up 54.50 points, or 0.28%, to 19,442.

On BSE, 978 shares were traded in the counter compared with average volume of 370 shares over the past two weeks.

The stock hit a high of Rs 4,547.05 and a low of Rs 4,430 so far during the day.

Shree Cement's profit soared on the back of robust performance from power sector and lower depreciation.

The company's power business reported a profit before finance cost, exceptional items and taxes of Rs 69.36 crore in Q3 March 2013 against loss of Rs 68.64 crore in Q3 March 2012.

The company's depreciation and amortization expenses tumbled 46.1% to Rs 126.48 crore in Q3 March 2013 over Q3 March 2012.

The board of Shree Cement has declared an interim dividend of Rs 8 per share of Rs 10 each for the financial year 2012-13.

Shree Cement is present in the cement and power sector. The company's cement plants are located at Beawar, Ras, Khushkhera, Jobner (Jaipur) and Suratgarh in Rajasthan and Laksar (Roorkee) in Uttarakhand. Shree sells the majority of the cement it produces in North India. It presently has a cement production capacity of 13.5 million tons per annum. Shree also has a power generation capacity of 560 megawatts with plants located at Beawar and Ras in Rajasthan.

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