Shree Cement reports 102% rise in net profit

India’s Shree Cement has reported a 102 per cent YoY rise in net profit to INR6.26bn (US$85.76m) for the December quarter, compared to INR3.12bn in the year-ago period. Revenue also advanced 16.2 per cent YoY to INR33.09bn.

The company’s expenses remained largely in line with the previous year at INR27.97bn from INR28.02bn.

Shree Cement also reappointed Hari Mohan Bangur as managing director of the company for a further period of five years.

His reappointment is expected to come into effect on 1 April 2021 and is subject to the approval of the shareholders.