India’s Shree Cement has seen a 57.6 per cent rise in consolidated net profit to INR5.36bn (US$70.78m) in the quarter ending 31 March 2020, compared with INR3.12bn in the year-ago period.
The company’s total income remained largely consistent with last year at INR35.13bn from INR35.38bn. In the 4QFY19-20, the company’s fuel and power expenses declined 19.8 per cent YoY to INR6.98bn.
During the full FY19-20 period, Shree Cement’s net profit advanced 52.1 per cent YoY to INR15.44bn from INR10.15bn. Total income was also up 2.6 per cent to INR131.42bn from INR128.04bn in the FY18-19.
The company has noted that the results were adversely affected by the nationwide lockdown in the country. However, it has since restarted its operations in line with government guidelines.
The board also approved a salary reduction for the company’s managing director and joint managing director for the FY19-20 period.
