Orient Cement turns around in Q1, posts Rs 39 cr net

CK Birla group firm had posted a loss of Rs 7.56 cr in the year-ago quarter

CK Birla group firm Orient Cement Ltd on Wednesday reported a net profit of Rs 38.92 crore in the first quarter ended on June 30, 2017.

The company had posted a net loss of Rs 7.56 crore in the same period last fiscal, Orient Cement Ltd said in a BSE filing.

Revenue from operations during the period under review was at Rs 656.73 crore as against Rs 505.21 crore in the year-ago period, up 30 per cent.

During the quarter, the company signed definitive agreement for acquisition of 74 per cent shares of Bhilai Jaypee Cement from Jaiprakash Associates and its nominees for an enterprise value of Rs 1,450 crore.

The company also inked similar pact for the business transfer of Nigrie Cement Grinding unit of Jayprakash Power Ventures Ltd at an enterprise value Rs 496 crore, it added.

Shares of Orient Cement Ltd were trading at Rs 160.85 apiece in the afternoon trade, up 0.09 per cent from the previous close on BSE.