India's Shree Cement reported a slump third-quarter profit on Thursday, hurt by weak prices and a slowdown in activity in a seasonally weak period.
The company's consolidated net profit plunged 72.5 per cent to Rs 193 crore ($22.3 million) in the quarter ended Dec. 31.
Total revenue from operations dropped 12 per cent to Rs 4,573 crore.
Key context
Cement prices have been falling for most of last year, including a 11 per cent on-year drop in the December quarter, which is also a seasonally weak one as the pace of construction activity slows.
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However, market leader UltraTech and its closest rivals, Adani Group-owned Ambuja and ACC, benefitted as their acquisition spree helped bolster volumes.
However, while UltraTech and ACC reported upbeat results, smaller companies such as Dalmia Bharat and Orient Cement succumbed to low prices.
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