India’s Shree Cement sees 34 per cent jump

India’s Shree Cement sees 34 per cent jump
Published: 08 March 2005

India’s Shree Cement Ltd expects to post a 34 per cent jump in operating profit for the year ending March 31, 2005, a senior company official said on Monday.   Cement demand in India is booming as the 7.0 percent expansion in Asia’s fourth-largest economy is fuelling demand for homes and the government is spending on improving the country’s infrastructure. "Last year our EBITDA (earnings before interest, taxation, depreciation, and amortisation) was at about 1.34 billion rupees ($30.7 million). This year, we should do about 1.80 billion," Ashok Bhandari, chief financial officer of Shree Cement, told Reuters.  Bhandari also said at the recent ICICI Securities investor conference that Shree cement sales were expected to rise to about 3Mt in the year ending March 31 from about 2.85Mt in the previous year.