New Delhi, August 08, 2017: Orient Cement Limited, a part of the diversified CK Birla Group, announced its financial results for the quarter ended June 30, 2017. The company has reported a revenue growth of 30% over the corresponding quarter last year on account of sustained volumes and improved prices. The operating margin for the Quarter improved significantly to 22%. The EBITDA for the quarter has increased to Rs. 123 crores from under Rs. 44 crores in the same quarter last year and from Rs. 79 crores in the preceding quarter. Compared to the Net Profit of Rs. 39 crores for the quarter, the Company had reported a loss of about Rs. 8 crores in the same quarter in FY17.
Deepak Khetrapal, Managing Director and Chief Executive Officer, Orient Cement said: “The quarter ended June 30 has seen healthy volumes across our core areas and based on the current monsoon trends, the demand from the rural sector can be expected to be strong in the second half of the year. We successfully and seamlessly transitioned to the new GST regime while passing on the immediate price benefit of the new tax regime to our customers.
Our overall operating efficiencies continue to reflect our “best in class” operating practices and our keen focus on costs. While the impact of the higher fuel costs is unavoidable, our constant cost management efforts keep such impact to the minimum and keep us competitive on the basis of our low cost of production.
The Company remains positive on the demand outlook based on the expectation of a normal monsoon. The government’s push on infrastructure and affordable housing are expected to be major demand drivers in the second half of this financial year. Various government projects for low cost housing, roads, irrigation, metros as well as new initiatives like “Smart Cities” & “Swachh Bharat” continue to generate demand for cement in all our areas of operation.”
Corporate Comm India(CCI Newswire)
