Orient Cement's shares zoom nearly 10% after Q4 results

Orient Cement’s shares zoom nearly 10% after Q4 results

NEW DELHI: Shares of Orient Cement Ltd on Tuesday jumped nearly 10 per cent after the firm reported more than two-fold jump in net profit in the fourth quarter ended March 2021. The stock rallied 9.90 per cent to Rs 133.70 — its 52-week high — on the BSE.

At the NSE, it gained 8.83 per cent to Rs 132.40 — its one-year high.

The C K Birla group firm on Monday said its net profit jumped over two-fold to Rs 99.87 crore in the fourth quarter ended March 2021.

It had posted a net profit of Rs 44.06 crore in the January-March quarter a year ago, Orient Cement said in a regulatory filing.

Its revenue from operation rose 27.06 per cent to Rs 831.61 crore during the quarter under review, as against Rs 654.52 crore in the corresponding period a year earlier.

For the fiscal year 2020-21, its net profit rose over two-fold to Rs 214.18 crore. It was Rs 86.58 crore in the previous year.

However, its revenue from operations for the fiscal was marginally down by 4.03 per cent at Rs 2,324.08 crore. It was Rs 2,421.79 crore in FY 2019-20.

The company said that in the wake of the COVID-19 pandemic and consequent lockdown imposed by the government last year, the manufacturing facilities of the company were temporarily shut down and were opened in a phased manner in the months of April and May 2020 after restrictions were relaxed.

“Accordingly, sales volume of the current year is impacted, although cement demand has been progressively recovering over the year with improved prices,” it said.