India: Shree Cement profits hit US$76m in 1QFY16-17

India: Shree Cement profits hit US$76m in 1QFY16-17

In its trading results for the first quarter of FY2016-17, Shree Cement has seen its profits improve to INR5.1bn (US$76m). This represents an increase of 388 per cent on the same period last year.

Cement sector revenues rose by 51 per cent to INR22.9bn (US$342m). Declining power and fuel costs helped Shree’s bottom line. These fell by 21 per cent to INR3.3bn (US$49m).

The company has also announced plans to expand its Aurangabad grinding unit from its current capacity of 3.6Mta to 5.6Mta. This project will cost INR2.9bn (US$43m) and is expected to be complete by March 2018.

According to Mint, Shree has also just completed the upgrade of its Beawar clinker unit, raising its capacity from 1.1Mta to 1.4Mta.