Orient Cement Q3 net loss narrows to Rs 13.70 cr

CK Birla Group firm Orient Cement Friday reported a lower net loss of Rs 13.70 crore in the third quarter ended December 2018 compared to Rs 17.67 crore net loss in the year-ago quarter.

The company's total income rose 11.92 per cent to Rs 574.76 crore during the quarter under review. Total income stood at Rs 513.51 crore in the quarter ended December 2017, it said in a BSE filing.

"We continued to see healthy growth in volume this quarter, particularly in our main operating regions of Maharashtra and Telangana, driven by demand from the infrastructure segment," Orient Cement MD and CEO Deepak Khetrapal said.

However, the prices remained depressed and edged slightly lower compared to the previous quarter in some core markets like Telangana, thereby impacting the operating profit, he said.

Orient Cement's total expenses rose 10.53 per cent to Rs 595 crore in the quarter ended December 2018. Total expenses stood at Rs 538.27 crore in the year-ago period.

The company reported a 10 per cent growth in volume over the corresponding period last year.

Shares of Orient Cement Friday settled at Rs 66.45 on BSE, down 7.77 per cent from previous close.