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Dalmia Bharat reported an 88.88 per cent decline of in its consolidated net profit at Rs 2 crores for the second quarter ended September 2018, impacted by foreign currency fluctuation cost. The Cement maker had posted a net profit of Rs 18 crore in the July-September quarter a year ago.
Dalmia Bharat said in a BSE filing, “The foreign currency fluctuation loss for the quarter and six months ended September 2018, is Rs 83 crore and Rs 115 crore, respectively.”
Although the company’s total revenue during the quarter under discussion stood at Rs 2,232 crores, rising 15.76 per cent as compared to Rs 1,928 crores in the corresponding period of the last fiscal.
According to the company’s statement, the total expenses for the said quarter stood at Rs 2,296 crores, jumping 21.80 per cent as against Rs 1,885 crore of the same quarter a year ago. The sales volume during the quarter went up by 13.46 per cent to 4.13 MT as against 3.64 MT in the corresponding quarter a year ago.
In a separate filing, Dalmia Bharat said that its board has approved the implementation of the scheme of arrangement and amalgamation of OCL India and Dalmia Bharat.
The company stated, “The board of directors of the company and other entities involved in the scheme in their respective board meeting(s) held October 30, 2018, resolved and approved October 30, 2018, to be the date for implementing the scheme with effect from the appointed date, January 01, 2015.”
Dalmia Bharat also added, “All the landmark projects initiated by the central and state governments are progressing well. We expect the momentum to continue further and expect robust cement demand growth.”
