)
Shree Cement today reported 18.88% dip in net profit for the quarter ended December 31, at Rs 93.68 crore on higher expenses on depreciation and inputs even as income increased.
The company, which has interests in cement and power, had reported Rs 115.49 crore net profit in the same quarter of last fiscal, it said in a BSE filing.
Shree Cement's total income rose to Rs 1,544.50 crore in the October-December quarter from Rs 1,318.13 crore in the year-ago period. Cement business contributed to Rs 1,351.64 crore to the kitty and the remaining came from the power business.
The company's expenses went up to Rs 1,439.36 crore in the third quarter of the current fiscal, from Rs 1,163.16 crore a year earlier. Depreciation and amortisation expenses went up to Rs 200.94 crore, from Rs 115.57 crore.
It consumed raw material worth Rs 141.04 crore during the quarter, from Rs 115.34 crore a year earlier. Power and fuel costs went up to Rs 395.38 crore from Rs 312.05 crore. Fright costs went up to Rs 325.67 crore from Rs 280.94 crore.
Regarding the acquisition of Jaiprakash Associates' 1.5 mtpa cement grinding unit at Paniapt, the company said: "Some of the condition precedents are in the final stages of their satisfaction. The closing activities for transfer of ownership of the unit will be initiated soon after the fulfilment of these condition precedents."
Shree Cement had in September last year entered into a business transfer agreement with Jaiprakash Associates for the acquisition of its unit.
