CK Birla group firm Orient Cement today reported a decline of 58.86 per cent in its net profit to Rs 16.01 crore in the first quarter ended June of the current fiscal.
The company had reported a net profit of Rs 38.92 crore in the April-June quarter a year-ago, Orient Cement said in a BSE filing.
Total income stood at Rs 643.24 crore during the quarter under review. It was Rs 662.81 crore in the corresponding quarter of the last fiscal.
Meanwhile, the company said that its revenue was not comparable as sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses.
"Hence, revenue from operations for the three months ended June 30, 2018 are not comparable with previous period corresponding figures," Orient Cement said.
Total expenses during the second quarter were at Rs 616.30 crore.
Shares of Orient Cement today settled at Rs 120.65 apiece on the BSE, down 4.13 per cent from their previous close.