Orient Cement Q4 net profit declines 10.5% to Rs 16.52 cr

CK Birla Group firm Orient Cement today reported a 10.55 per cent decline in net profit to Rs 16.52 crore for the fourth quarter ended March 2017, impacted by the full extent of finance costs and depreciation.
It had reported a net profit of Rs 18.47 crore in the January-March period a year-ago, Orient Cement said in a BSE filing.
Orient Cement's total income was up 36.98 per cent to Rs 695.70 crore during the quarter under review as against Rs 507.88 crore in the corresponding quarter of last fiscal.
"The company has reported volume growth of 25 per cent over the corresponding quarter last year on account of increasing volumes across all its areas of operation," the company said in a statement.

It further said that its profit was "impacted by the full extent of finance costs and depreciation booked during the year on the Chittapur plant."
Its total expenses saw a rise of 36.68 per cent at Rs 680.88 crore as against Rs 498.14 crore in the year-ago quarter.

Commenting on the results, Orient Cement MD and CEO Deepak Khetrapal said:"The quarter ended March 31 has seen a very good pick up in volumes across our core areas, especially AP and Telangana, which is reflected in our utilisation levels this quarter, for the company's expanded capacity, rising to 87 per cent."

For the year ended March 31, 2017, Orient Cement reported a net loss of Rs 32.09 crore. It had a net profit of Rs 62.36 crore in 2015-16.
However, Orient Cement's net sales for the fiscal were up 28.50 per cent to Rs 2,183.55 crore as against Rs 1,699.18 crore in 2015-16.
Meanwhile, in a separate filing Orient Cement informed BSE that its board in a meeting held today "recommended final dividend of Rs 0.50 per equity share (50% of the face value)."
Shares of Orient Cement ended 3.43 per cent down at Rs 160.45 on BSE.