Shree net profit down on weaker sales, India

Shree Cements on Wednesday reported a 46.39 per cent dip in standalone net profit at to INR1.198bn (US$18.8m) for the third quarter that ended on 31 March 2015 due to a decline in sales.

The company had registered a net profit of INR2.225bn for the corresponding period a year ago, it said in a filing to the Bombay Stock Exchange.

Total turnover of the company dropped 5.31 per cent to INR15.764bn during the quarter under review versus INR16.649bn a year earlier.

The cost of raw materials was up during the quarter at INR1.383bn against INR1.195 in the same quarter of the previous fiscal year.

The company recently acquired a cement grinding unit of Jaiprakash Associates, taking its capacity to 19Mta from the current 17.5Mta.