HeidelbergCement India 3Q net profit up, expansion projects

HeidelbergCement India 3Q net profit up, expansion projects
Published: 29 October 2009

HeidelbergCement India Thursday reported a more than two-fold surge in third quarter net profit on higher sales.

Net profit for the July-September quarter rose to INR270.5m from INR100.5m a year earlier, the cement maker said in a note to the Bombay Stock Exchange.

Net sales of the company, formerly known as Mysore Cements Ltd., soared 75% to INR2.08 billion from INR1.19 billion.

HeidelbergCement India also announced it will  increase cement production capacity from existing from 1.8Mta to 4.7Mta at its plants at Damoh (Madhya Pradesh) and at Jhansi (Uttar Pradesh).

The company has informed BSE that the Board of Directors of the Company at its meeting held on October 29, 2009, has approved the setting up of expansion