Shree Cement Q2 net dips 37% to Rs 109 cr on higher expenses

However, total income rises 29% to Rs 1,608.08 crore

Shree Cement today reported a 37 per cent dip in net profit for the July-September quarter of the current fiscal at Rs 108.81 crore on higher expenses.

The company, which has an annual capacity of 17.5 million tonnes, had clocked Rs 172.22 crore net profit in the same quarter last fiscal, it said in a BSE filing.

Total income, however, rose to Rs 1,608.08 crore during the reporting quarter from Rs 1,247.54 crore in the corresponding period, a year earlier.

Expenses, on a host of heads including raw material and fuel costs, on the other hand, rose to Rs 1,490.51 crore from Rs 1,112 crore in the year-ago period.

The company consumed raw material worth Rs 137.41 crore from Rs 104.53 crore. Power and fuel costs escalated to Rs 413.47 crore from Rs 300.45 crore. Freight expenses went up to Rs 316.99 crore from Rs 249.32 crore.

Depreciation charges in the quarter also increased to Rs 222.65 crore from Rs 113.87 crore in the same period, last year.