There were mixed reactions to Cherat Cement's FY13 results. JS Global said it was below expectations, while analysts at AHL Research thought the earnings were "respectable".

Cherat Cement Company reported profit after tax (PAT) for the financial year ended 30 June 2013 at INR1.22bn (US$0.18bn) translating into earning per share (eps) at INR12.80.

It represented growth of 180 per cent YoY over PAT at INR0.44m and eps at INR4.57. The Board also declared cash dividend at INR1.50 per share, taking the full-year payout to INR2.50 per share.

Analysing the results, Taurus Securities said earnings were probably slightly lower than projected because of the one-off provisioning of INR107m for the Madian Hydro Power Project. It led to a 580 per cent QoQ rise in other expenses during 4Q12.

Furthermore, the dividend payout also remained lower than market consensus, but it is expected that some funds have been diverted to the company’s announcement of capex expansion and upgrades concerning the use of refused derived fuel.