Orient Cement Q3 net profit up 36% at Rs 31 cr

Orient Cement, a part of USD 1.6 billion diversified CK Birla Group, today reported nearly 36 per cent rise in in the third quarter net profit at Rs 31 crore on account of higher sales.

The company had recorded Rs 23 crore net profit in the same quarter last fiscal, it said in a statement.

Revenues rose to Rs 384 crore during the quarter from Rs 341 crore in the year-ago period.

"Orient Cement has recorded volume growth of over 4 per cent in Q3 FY 2015, despite a very slow start to the quarter on account of several festivals coming together in October," it said.

However, the prices realised in the third quarter were lower than in the preceding quarter and, as a result, profits recorded a marginal decrease.

The demand in cement industry started to pick-up only in late November led by a revival in construction activity, it said.

The company expects the demand to pick-up in the coming quarter on the back of increased spending in rural and semi-urban housing, and improvement in orders from infrastructure projects.

"We look forward to stronger demand in the concluding quarter of this financial year," said company's Managing Director and Chief Executive Officer Deepak Khetrapal.

The company said its greenfield facility in Karnataka was on schedule and hopes of commissioning the plant by the first quarter of next fiscal.