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Madras Cements net up on better efficiencies
Our Bureau
Chennai, July 30
Higher cost efficiencies and productivity have contributed to a growth in net profits for Madras Cements. According to a press release from the company, Madras Cements has posted a 13 per cent growth in net profit for the first quarter this year thanks to increased sales, capacity utilisation, better market mix and productivity.
Cement sales increased to 16.05 lakh tonnes during the quarter ended June 30, 2008, as compared to 14.45 lakh tonnes in the corresponding period last year. The company expects to add over 2 million tonnes (mt) production capacity to its existing 6 mt million tonnes during the current year.
The expansion programme has been implemented up to the clinker production stage, which has added 2 mtmillion tonnes. The clinker production has been stabilised, company officials said.
New project
The new 2-mt-million tonnes a-year cement project near Ariyalur is likely to be commissioned by November 2008. It also expects to commission the grinding units in Chengulpet Chinglepet and Salem in Tamil Nadu and Kolaghat in West Bengal by December 2008.
On the NSE, the company's shares of Rs 10 closed at Rs 2,638.60 against Tuesday's yesterday's close of Rs 2,579.36.
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