Binani Cement reports quarterly rise, to hive off power division

Binani Cement reports quarterly rise, to hive off power division
Published: 26 April 2011

Indian producer, Binani Cement, reported a rise in standalone net profit for the quarter ended March 2011 to INR581.5m (US$13m) from INR169.00m in the same quarter last year.

Net sales for the quarter for the quarter rose 10.88% to INR5,453.7m, while total income for the quarter rose 9.90% to INR5,488m, when compared with the prior year period. It posted earnings of INR2.97/share during the quarter, 3.58 times higher than the same period a year ago.

Meanwhile, the company has approved in principle to hive off the captive power plants and related assets into a separate company through a scheme of arrangement subject to all the necessary approvals and consents.