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Mumbai, Oct. 25 Binani Cement has posted 216 per cent rise in net profit at Rs 47.87 crore for the quarter ended September 30, against Rs 15.11 crore recorded in the same period last year.

Gross sales rose to Rs 250.53 crore (Rs 176.74 crore). The company plans to invest around Rs 1,800 crore in the next three years to put up two greenfield plants. Binani Cement will set up a 2-2.5 million tonnes per annum cement unit in Gujarat with an investment of Rs 800-900 crore and another 2.5-3 mtpa unit in the eastern region, said Mr Vinod Juneja, Deputy Managing Director.The company, which now has a capacity of 6 mtpa, plans to enhance it to 12 mtpa by 2009.

“The demand was very good for our products. The gross price realisation was Rs 3,500 to 3600 per tonne. We are looking at a full-year net profit of Rs 300 crore and hope to save Rs 20 crore on logistics cost by relying more on the railways,” said Ms Visalakshi Sridhar, Assistant Vice-President (Finance). “We expect the prices to remain stable at the current level in the coming months,” she added.

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