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Shree Cements profits down on higher expenses

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World Cement,

Shree Cement has announced its results for the quarter ending 30 September, with total income from operations coming in at Rs.1608.08 crore, up from Rs1247.54 crore in the same period of 2013. Net profit fell to Rs.108.8 crore, a drop of almost 37%, while operational expenses grew from Rs.1112.00 crore in 1Q13 to Rs.1490.31 crore this year. Net sales grew to Rs.1605.3 crore, an increase of more than 28% y/y, which is attributed to the revenue gained from additional capacity in the cement sector.

The company has been at the heart of acquisition rumours of late, with recent reports of a Business Transfer Agreement with Jaiprakash Associates whereby Shree Cement will acquire a 1.5 million tpa grinding plant in Panipat. Further reports suggest another acquisition – this time a 2.1 million t plant, again from Jaiprakash Associates.

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