posted a whopping 149.7 percent rise in consolidated net profit at Rs 31.10 crore for the quarter ended September 30, 2016.
The company had posted a net profit after minority interest of Rs 12.45 crore in the corresponding quarter of previous fiscal, it said in a filing to BSE.
Total income from operations increased to Rs 1,938.29 crore, over Rs 1,637.56 crore in the year-ago period.
Total expenses increased to Rs 1,676.30 crore, over Rs 1,464.39 crore in the corresponding quarter of previous fiscal.
In a statement, the cmapny said that total sales volume improved 20 percent y-o-y for the quarter which is approximately five times the industry’s cement demand growth.
“We have maintained our growth higher than the market,” it said.
The company, it said, is focused on ramping up existing capacities and creating newer markets while maintaining the lead distance.
“We ventured in UP and MP in Q1 FY17 and the current quarter has witnessed further growth in sales volume in these markets and the ramp up has been encouraging. Our exports have improved by three times. We expect established new markets to significantly contribute in coming quarters” it said.
“We maintained lower variable costs… and have witnessed reduction of 13 percent y-o-y. This has been on account of increased usage of economic fuel, optimisation of raw material mix and kiln heat consumption, improved efficiency of power plants and lower power rates,” it said.