Star Cement 1Q net profit drops 24%

India-based Star Cement has seen its net profit decline by 23.7 per cent YoY to INR413.2m (US$5.23m) in the first quarter of FY22-23 (ended 30 June 2022) when compared with a net profit of INR541.8m in the year-ago period.

Net revenue increased by 28.7 per cent to INR6.393bn in the 1QFY22-23 from INR5.044bn in the 1QFY21-22.

Operating expenses were up by 32.7 per cent YoY to INR5.721bn in the 1QFY22-23. Other income advanced y 32 per cent YoY to INR83.4m.

Operating profit edged up by 5.3 per cent YoY to INR772.8m and the operating profit margin contracted to 18.2 per cent in the 1QFY22-23.

Interest payments were up 11.7 per cent YoY to INR37.2m while taxation increased by 319.1 per cent to INR2320.9m.