Orient Cement Q1 FY24 net profit drops 1.02%
Cement

Orient Cement Q1 FY24 net profit drops 1.02%

Orient Cement reported that there was a decrease of 1.02 per cent in its net profit during the quarter that ended on June 30, 2023. According to the company, its profit after tax for Q1 FY24 was Rs 370.03 million, which was lower than the Rs 370.41 million it had registered in the corresponding quarter of the previous fiscal year.

Furthermore, the company's net total income for Q1 FY24 was Rs 8.29 billion, showing a growth of 16.01 per cent compared to the Rs 7.15 billion recorded in the same quarter of the previous year.

The company stated that after the current quarter, which concluded on June 30, 2023, it had entered into a share subscription and shareholders' agreement with Cleantech Solar India OA2 and Ardeur Renewables. The purpose of this agreement was to establish two solar power plants under a captive scheme with an investment in share capital of Rs 90.50 million.

Also read: 
Cement & RMC: What’s Missing in the Market?  
UltraTech joins WEF's Moving India initiative  


Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

Orient Cement reported that there was a decrease of 1.02 per cent in its net profit during the quarter that ended on June 30, 2023. According to the company, its profit after tax for Q1 FY24 was Rs 370.03 million, which was lower than the Rs 370.41 million it had registered in the corresponding quarter of the previous fiscal year. Furthermore, the company's net total income for Q1 FY24 was Rs 8.29 billion, showing a growth of 16.01 per cent compared to the Rs 7.15 billion recorded in the same quarter of the previous year. The company stated that after the current quarter, which concluded on June 30, 2023, it had entered into a share subscription and shareholders' agreement with Cleantech Solar India OA2 and Ardeur Renewables. The purpose of this agreement was to establish two solar power plants under a captive scheme with an investment in share capital of Rs 90.50 million. Also read:  Cement & RMC: What’s Missing in the Market?   UltraTech joins WEF's Moving India initiative  

Next Story
Resources

IGBC Launches 32nd Chapter in Ranchi to Drive Green Building Growth

The CII Indian Green Building Council (IGBC) has launched its 32nd Chapter in Ranchi to accelerate Jharkhand’s transition towards sustainable and resilient urban infrastructure. The launch event, held on September 6 at Radisson Blu Hotel, brought together government officials, industry leaders, and sustainability experts. Sunil Kumar, IAS, Principal Secretary, Urban Development & Housing Department, Government of Jharkhand, said, “The launch of the IGBC Ranchi Chapter marks a significant step in Jharkhand’s urban development journey. The state is committed to creating a policy e..

Next Story
Real Estate

Mindspace REIT Marks Five Years With 14.8 Per Cent Annualised Returns

Mindspace Business Parks REIT, owner and developer of a Grade-A office portfolio, has completed five years since its listing on the Indian bourses in August 2020. Despite debuting during the global pandemic, the REIT has delivered 14.8 per cent annualised total returns, expanded its portfolio, and reinforced occupier trust. Key achievements over five years include: Portfolio expansion of 30 per cent to 31.0 msf through acquisitions and new developments. Gross leasing of 25.2 msf, with occupancy sustained at 93.7 per cent. Cumulative distribution of Rs 55.9 billion to unitho..

Next Story
Real Estate

Great Value Realty Secures RERA Nod for Ultra-Luxury Ekanam Project

Great Value Realty, one of North India’s most trusted developers, has received RERA approval for its flagship ultra-luxury residential project, Ekanam (RERA No. UPRERAPRJ15109/2019). The announcement was made during the Great Partners Meet at Noida. Built on the only available land parcel in Sector 107, Noida, Ekanam embodies the company’s philosophy, “Great is the New Norm,” promising excellence in design, quality, and sustainable community living. With seamless connectivity to Noida Expressway, DND Flyway, metro stations, and proximity to the upcoming Jewar Airport, the project ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?