Shree Cement Q1 net up four-fold to Rs 508 cr

Shree Cement on Friday reported an over four-fold jump in its standalone net profit at Rs 507.67 crore for the quarter ended June 30, 2016.

The firm had clocked a net profit of Rs 104.11 crore in the year-ago period, it said in a BSE filing.

Total standalone income of the company rose by 45% to Rs 2,494.22 crore in April-June quarter this fiscal from Rs 1,724.59 crore during the same quarter in 2015-16.

Total expenses were higher at Rs 1,891.60 crore from Rs 1,606.07 crore during the period under review.

The company has declared an interim dividend of Rs 16 per share for 2016-17. The dividend will be paid from August 24, 2016.

Shree Cement today also announced capacity expansion of its cement grinding unit at Aurangabad (Bihar) from the existing 3.60 million tonnes per annum (MTPA) to 5.60 MTPA at a cost of around Rs 285 crore, which will be funded through internal accruals and completed by March 2018.

The company has completed upgradation of preheater of clinker line of unit-I at Beawar (Rajasthan). Consequently, the clinker capacity of the unit stands increased from 1.1 MTPA to 1.4 MTPA.