Shree Cement today reported over 48% dip in its first quarter net profit at Rs 55 crore, mainly on account of higher power and freight costs.
The company, which predominatly market its product in the Northern part of the country, had reported Rs 106 crore net profit in the April-June quarter of last fiscal, it said in a statement.
Net sales of the company during the quarter under review, however, grew to Rs 1,034 crore as compared to Rs 945 crore in the corresponding quarter last fiscal, it said in a statement.
Shree Cement consumed power and fuel worth Rs 273 crore during the quarter as against Rs 227 crore. Freight costs go up to Rs 178 crore vis-a-vis Rs 141 crore in the same quarter last fiscal.
