Orient Cement posts net profit of Rs. 38.92 crore in Q1

Orient Cement posts net profit of Rs. 38.92 crore in Q1
27/07/2017 , by , in ALLIED

CK Birla group firm Orient Cement Ltd today reported a net profit of Rs 38.92 crore in the first quarter ended on June 30, 2017 as against a net loss of Rs 7.56 crore in the same period last fiscal.

Revenue from operations during the period under review surged 30 per cent at Rs 656.73 crore as against Rs 505.21 crore in the year-ago period

During the quarter, the company signed definitive agreement for acquisition of 74 per cent shares of Bhilai Jaypee Cement from Jaiprakash Associates and its nominees for an enterprise value of Rs 1,450 crore.

The company also inked similar pact for the business transfer of Nigrie Cement Grinding unit of Jayprakash Power Ventures Ltd at an enterprise value Rs 496 crore.

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