Shree Cement Q3 Net up 10% at Rs 102.86 cr

Shree Cements today reported a 10 per cent rise in standalone net profit at Rs 102.86 crore for the quarter ended December 31, 2015.
The company had clocked a net profit of Rs 93.68 crore in the year-ago period, it said in a BSE filing.
Company's total standalone income rose by 18 per cent to Rs 1,828.83 crore in the October-December quarter as against Rs 1,544.50 crore during the same quarter last fiscal.
Total expenses, however rose by 19 per cent to Rs 1,707.10 crore during the quarter under review from last year's Rs 1,439.36 crore.
In a separate filing, Shree Cement said it will invest Rs 160 crore to expand the capacity of its grinding unit in Aurangabad, Bihar from the existing 2.2 million tonnes per annum (MTPA) to 3.6 MTPA by the end of the April-June quarter this year.

The firm will manage the amount through internal accruals.

Besides, the firm will also expand its integrated cement plant in Gulbarga (Karnataka) with clinker capacity to 2.4 MTPA and cement grinding capacity to up to 4 MTPA,
It said its board has given in-principle approval for the expansion and the details of funding, completion and mode of financing will be intimated in "due course".
Shree Cement said its Board has declared an Interim Dividend at the rate of Rs 12 per equity share for 2015-16 fiscal. The Dividend will be paid from February 12, 2016.
"Board has approved re-appointment of H M Bangur as the Managing Director of the company for 5 years with effect from April 1, 2016 subject to approval of the members in the ensuing Annual General Meeting," it added.

Board also approved re-designating Prashant Bangur as Joint Managing Director with effect from February 2, 2016, subject to approval of members in the ensuing Annual General Meeting, it added.
Shares of the company closed 2.84 per cent down at Rs 1,0374.95 apiece on BSE.