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