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Shree Cement is latest to report a decline in quarterly profit

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World Cement,

Shree Cements has reported its results for the July – September quarter, which show profit after tax is down by 24.5% to Rs.172.2 crore. Total income in the quarter fell from Rs.1297.16 crore a year ago to Rs.1247.54 crore. Though volumes rose 7%, realisation was down across India, which has put pressure on margins.

Net sales fell 4% to Rs.1248 crore from Rs.1296 crore in the same period last year. Quarterly expenditure was up 11% y/y at Rs.1112 crore. High freight and ‘other costs’ have been blamed for the decline in profitability over the quarter.

The company chairman told press that he is hopeful that demand will pick up over the coming months bringing about increased prices.

Shree Cement is not the first company to report a downward trend in the July – September quarter. A number of companies have reported the impact of high input costs. Price hikes have met with outcry from the construction industry, however, with the Builders Association calling for government intervention to prevent projects from being brought to a halt due to high costs.

You can read more about India’s quarterly results by using the following links:

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