Binani Cement reported a 15% dip in net profit for the fourth quarter ended March at INR17 crore due to a rise in raw material costs. Net sales for the quarter stood flat at INR491 crore against INR497 crore in the year-ago period. The company could not translate the volume growth into higher income as it failed to increase prices. Sales volume rose by 12% in the March quarter. Its consolidated net profit for the fiscal ended March has almost doubled to INR292 crore from INR146 crore, while net sales grew 15% to INR2,259 crore.
The company’s board of directors has recently approved the buy-back of up to 14.5 million equity shares, representing 7% of equity capital, from non-promoter shareholders at INR 90 a share.