Indian cement manufacturer Dalmia Bharat on Tuesday said its fourth-quarter profit more than doubled, aided by easing fuel prices and a pick-up in demand.
Consolidated net profit rose to Rs 589 crore ($71.90 million) in the quarter ended March 31 from Rs 266 crore a year earlier.
Analysts at Bob Capital Markets had noted that the cost of key fuel in cement making - imported coke and coal - had softened at the end of the third quarter of fiscal 2023, continuing into the fourth quarter.
Volumes, too, grew in the cement sector, aided by improving demand in the infrastructure segment.
The Nifty mid-cap 100 company's revenue from operations rose 15.7% year-over-year to Rs 3,912 crore.
The total expenses stood at Rs 3,605 crore, with the power and fuel costs for the quarter falling to Rs 871 crore from Rs 873 crore.
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Earlier in February, the Competition Commission of India (CCI) approved the proposed acquisition of certain assets of Jaiprakash Associates by Dalmia Bharat's cement business unit.
The unit would acquire the target's cement, clinker and power plants for Rs 5,666 crore, including debt, Dalmia Bharat said.
Dalmia Bharat's shares have risen 3.12% so far this year, against a 1.04% decline in the Nifty Midcap 100 index.
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