Business Daily from THE HINDU group of publications
Saturday, Jul 28, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jul 28, 2007 ePaper |
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Corporate Results
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Cement Madras Cements net profit jumps 30%
Our Bureau Chennai, July 27 Madras Cements’ net profit rose 30 per cent at Rs 100.56 crore on net sales of Rs 469.37 crore for the quarter ended June 30, 2007. During the corresponding period in the previous year the company reported a net profit of Rs 76.85 crore on net sales of Rs 340.89 crore. Capital Expenditure
The company expects to complete its Rs 1,900-crore capital expenditure by the middle of the next financial year when its cement production capacity would increase to 10 million tonnes a year from six million tonnes. It would also double its wind power capacity, set up more grinding units and a clinker. The company has so far spent Rs 670 crore on its expansion plans. It has tied up with Canara Bank for Rs 350 crore loans. A bulk of the funds for the capital expenditure will come from internal accruals. Madras Cements has a total production capacity of 6 million tonnes from four production facilities — Ramasamyraja Nagar and Alathiyur in Tamil Nadu, Jayanthipuram in Andhra Pradesh and Mathodu in Karnataka. Expansion
The expansion in cement output would come from a 2-million-tonne-a-year cement plant at Ariyalur, which will be commissioned in March 2008, a statement said. A 4,000 tonne a day clinkering plant coming up at its Jayanthipuram cement factory at a cost of Rs 507 crore will add another two million tonnes to the existing capacity. The facility will be integrated with the production process by September. The company is also setting up grinding units in Tamil Nadu, near Chennai and in Salem, and in West Bengal at a cost of Rs 100 crore each. These are coming up in areas where fly ash is available and near cement consumption centres. On the exchange today, its shares opened at Rs 3,400, touched a high of Rs 3,450 and closed at Rs 3,385.30.
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