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Shree Cement reports profit drop despite income gain

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World Cement,

Shree Cement has reported its results for the December quarter, which show a drop in net profit of 18.9% at Rs.936.80 crore due to higher expenses on depreciation and inputs. Income rose 17.2% to Rs.1544.50 crore, up from Rs.1318.13 crore in the same period of the previous year. The cement business contributed Rs.1351.64 crore of this.

Expenses for the company, which has interests in power as well as cement, rose to Rs.1439.36 crore, up from Rs.1163.16 in the previous year. Depreciation and amortisation costs were also up at Rs.200.94 from Rs.115.57 crore. Expenditure on raw materials rose to Rs.141.04 crore from Rs.115.34 crore; power and fuel costs went from Rs.312.05 crore to Rs.395.38 crore; freight costs also rose to Rs.325.67 crore from Rs.280.94 crore. However, operating profit increased by 12.9% y/y and the company earned tax credits of Rs.1.5 crore against expenses of Rs.15.3 crore in the same quarter of 2013.

Shree Cement is in the process of acquiring a 1.5 million tpy cement grinding unit from Jaiprakash Associates.

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