Companies

Shree Cement Q3 profit rises 3% to ₹310 crore

Our Bureaus Kolkata | Updated on February 14, 2020 Published on February 14, 2020

Muted cement demand notwithstanding, Shree Cement has reported a 3 per cent rise in standalone net profit to ₹310 crore for the third quarter ended December 31, 2019. The net profit in the corresponding quarter last fiscal stood at ₹301 crore.

The company’s net revenue for the period under review saw a two per cent jump to ₹2,848 crore, as against ₹2,781 crore in the year-ago-period.

According to a release, cement sales volume went up 6 per cent, year-on-year, to 5.98 million tonnes. Focus on premium brands and reduction in fuel and other input costs saw an improvement in bottom-line. “There are however, green shoots visible on the back of good monsoon and infra spending,” the release mentioned.

During the quarter under review, Shree Cement said it raised ₹2,400 crore through Qualified Institutions Placement (QIP) and allotted 12,43,523 equity shares of ₹10 each at a price of ₹19,300 per Equity Share in November. Some of the top investors, who have invested in excess of ₹20 crore, include Aberdeen Global, New World Fund, Aditya Birla Sunlife, APM Kotak India Master Fund, Avendus Absolute Return Fund, American Funds Insurance, AXIS Mutual Fund and Multicap Fund, East Spring Investments India Infrastructure, Fidelity Investments, HSBC China, among others.

The company has also declared an interim dividend of ₹110 per equity share of ₹10 each for FY20, which include ₹70 per equity share as normal dividend and ₹40 per equity share as additional dividend.

Eveready Industries

Kolkata: Eveready Industries, the country’s largest dry-cell battery-maker, reported a net profit to ₹91 crore for the quarter ending December 31, 2019. Profits in the corresponding quarter last fiscal stood at ₹20 lakh.

The rise in profits was primarily on account of an exceptional item – profit from sale of land at Chennai to the tune of nearly ₹90 crore. The company said it has also concluded sale of its Hyderabad land in January 2020 for ₹100 crore. The proceeds are to be used for debt repayment.

Operating income during the quarter under review saw a 16 per cent year-on-year decline to ₹317 crore.

Filatex India

Mumbai: Filatex India, manufacturer of synthetic filament yarn, has reported that its net profit in December quarter was up 14 per cent at ₹19 crore against ₹16 crore logged in the same period last year on the back sharp fall in raw material prices.

Revenue in the quarter was down at ₹738 crore (₹746 crore).

EBITDA in the quarter jumped 50 per cent to ₹60 crore (₹40 crore).

Net profit in the first nine months this quarter was up almost doubled to ₹100 crore (₹57 crore) even while revenue fell to ₹2,115 crore (₹2,168 crore).

Madhusudhan Bhageria, Chairman and Managing Director, Filatex India said the revenues is slightly lower due to fall in crude prices which has a direct impact on key raw materials such as PTA (Purified Terephthalic Acid) and MEG (Mono-ethylene glycol).

"We have completed installation of about 75 per cent of our new capacity for texturizing. In the forthcoming quarter, we will have the benefit of additional texturised product which has good export potential. We expect next quarter will be better as the demand for polyester filaments is expected to grow," he said.

The abolition of anti‐dumping duty on key raw material in this Budget will given a positive stimulus to the demand and sentiments in the domestic market, he added.

Embassy Office Parks REIT

Bengaluru: Embassy Office Parks REIT net operating income for 3Q FY2020 grew year-on-year (Y-o-Y) by 16 per cent to ₹463.9 crore and cumulatively grew year-on-year by 17 per cent for YTD FY2020.

The company’s revenue from operations for 3Q FY2020 also grew (Y-o-Y) by 14 per cent to ₹545.9 crore and cumulatively grew year-on-year by 16 per cent for YTD FY2020.

Company raised ₹1,640 crore debt at 9.03 per cent; balance sheet continues to be conservatively levered with net debt to TEV (Total Enterprise Value) at 12 per cent as of December 31, 2019.

The company has declared a distribution of ₹470.7 crore for 3Q FY2020. The cumulative distribution for YTD FY2020 totals ₹1,350.4 crore. The record date for the distribution is February 24 and the distribution will be paid on or before February 29.

Published on February 14, 2020
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