Shree Cement Q3 net profit at Rs 235 crore

Shree Cement Ltd today reported a marginal increase of 0.72 per cent in its standalone net profit to Rs 235.45 crore for the third quarter ended December 31.
Shree Cement, whose board today "reviewed and approved" Rs 1,800 crore project in Karnataka, had posted a net profit of Rs 233.75 crore in October-December a year ago, Shree Cement said in a BSE filing.
Its net sales were up 3.24 per cent at Rs 2,091.17 crore during the quarter under review as against Rs 2,025.49 crore in the corresponding quarter last fiscal.
Shree Cement's total expenses were up 5.22 per cent at Rs 1,939.85 crore compared to Rs 1,843.46 crore in the last fiscal.

Its revenue from cement was up 11.73 per cent at Rs 2,063.99 crore compared to Rs 1,847.23 crore.
Shree Cement's revenue from power was down 32.74 per cent at Rs 246.47 crore from Rs 366.45 crore in same period last fiscal.

Meanwhile, in a separate filing Shree Cement informed BSE that its board has "reviewed and approved" Rs 1,800 crore project to set up an integrated cement plant at Village Kodla in Karnataka.
The plant will have a clinker capacity of 2.80 MTPA and cement capacity of 3.0 MTPA and would be completed by December, 2018.
In an another regulatory filing Shree Cement said that the board in a meeting held today has declared a one-time special dividend of Rs 100 per equity share of Rs 10 each.

The board also approved foreclosure of the existing term of Prashant Bangur as Joint Managing Director.
"He has been re-appointed as Joint Managing Director for a term of 5 years w.E.F. April 01, 2017 subject to the approval of the members in the ensuing Annual General Meeting of the Company," it said.
Shares of Shree Cement today settled at Rs 15,677.30 on BSE, down 1.34 per cent from previous close.