Orient Cement Q1 net dips 8%

Orient Cement, part of USD 1.6 billion diversified C K Birla Group, today reported 8 per cent decline in net profit at Rs 34 crore for the first quarter ended June 30, 2014-15.
The company, which has 5 million tonnes per annum capacity at its two plants in Andhra Pradesh and Maharashtra, had clocked Rs 37 crore net profit in the April-June quarter of the 2013-14 fiscal, it said in a statement.
The Q1 revenue of the company rose by 2 per cent to Rs 436 crore, from Rs 427 crore a year earlier.
"In the first quarter we have achieved capacity utilisation of 87 per cent. In spite of sluggish prices during most of this quarter coupled with increase in input costs, Orient Cement has bolstered net earnings," said Deepak Khetrapal, Managing Director and Chief Executive Officer of Orient Cement.

"We will continue to focus on both topline and bottomline growth in line with expectations," he added.
The company claimed of bucking the trend by posting a 31 per cent growth in net profit on a quarter-on-quarter basis to reach Rs 34 crore, despite a marginal four per cent drop in revenues.
"This was accomplished through disciplined cost management, strong capacity utilisation and a product mix favouring blended cement," it said.