Orient Cement sees pick up in volumes

India's Orient Cement saw an improvement in fourth-quarter volumes but reported a 10.55 per cent decline in net profit due to the full extent of finance costs and depreciation.

The CK Birla Group firm said total income increased by 36.98 per cent to INR6.957bn (US$107.6m) during the quarter under review. "The company has reported volume growth of 25 per cent over the corresponding quarter last year on account of increasing volumes across all its areas of operation," it said in a statement.

However, net profit in 4QFY17 was down to INR165.2m as the company was "impacted by the full extent of finance costs and depreciation booked during the year on the Chittapur plant," according to the statement. Total expenses saw a rise of 36.68 per cent YoY.

Commenting on the improvement in shipments, Deepak Khetrapal, Orient Cement MD and CEO, said: "The quarter ended  31 March has seen a very good pick up in volumes across our core areas, especially AP and Telangana, which is reflected in our utilisation levels this quarter, for the company's expanded capacity, rising to 87 per cent."