Shree Cement today reported 62.4 per cent drop in standalone net profit at Rs 104.11 crore for the quarter ended June 30, 2015 on the back of higher expenses.
The company's standalone net profit in the year-ago period was Rs 277.02 crore, Shree Cement said in a BSE filing.
The net sales of the company, however, increased to Rs 1,719.43 crore, over Rs 1,651.38 crore in last April-June quarter.
The total expenses for the quarter was at Rs 1,606.07 crore, registering an increase of 17.08 per cent.
The company's consolidated net profit for the year-ended June 30, 2015 dropped to by 45.8 per cent to Rs 426 crore, over Rs 787.21 crore for the year-ended June 30, 2014.
The company also informed the BSE that its Board of Directors at its meeting held on August 5, 2015, inter alia, has recommended final dividend of Rs 14 per share for the year ended June 30, 2015 on equity shares of Rs 10 each.
Shares of the company were trading at Rs 11,621.65 a piece in the afternoon trade on BSE, up 1.44 per cent from the previous close.
Shree Cement has said in April that it has completed the acquisition of a cement grinding unit of Jaiprakash Associates for Rs 358.22 crore.
The acquisition of a 1.5 MTPA cement grinding unit of Jaiprakash Associates Ltd, situated at Panipat, has been consummated on April 27, 2015 for an aggregate consideration of Rs 358.22 crore, Shree Cement had said in a filing to the BSE.
