Prism Cement's Q4 Net flat at Rs 61.88 cr

Prism Cement today reported a flat standalone net profit of Rs 61.88 for the quarter ended March 31, 2016.
The company had clocked a net profit of Rs 61.89 crore in the year-ago period, it said in a regulatory filing.
Total standalone income of the firm fell to Rs 1,455.47 crore in January-March quarter of last fiscal from Rs 1,529.53 crore during the same quarter in 2014-15.
For the entire 2015-16, the firm's standalone net profit was lower at Rs 8.36 crore as against Rs 14.70 crore in 2014-15.
Total standalone income was marginally lower at Rs 5,550.36 crore against Rs 5,593.88 crore during the same period.

During the year, Prism Cement sold 23 per cent stake in its subsidiary, Raheja QBE General Insurance Company, to its joint venture partner QBE Asia Pacific Holdings and recognised a profit of Rs 62.37 crore. At Present, Prism Cement holds 51 per cent stake in the JV firm.

Earlier this month, the firm said it has entered into a supply agreement with ECO Cements (ECL), Kolkata under which ECL will manufacture and supply cement to the company.
The arrangement with ECL is expected to help the Company optimise its logistic costs and improve local availability in its strategic markets of Bihar, it had said.

Shares of the company today rose by 1.41 per cent to settle at Rs 93.35 apiece at the BSE.