Share of Orient Cement rose 10 per cent to touch a fresh 52-week high of Rs 133.70 on BSE after the company reported an over two-fold jump in net profit to Rs 99.8 crore for the quarter ended March 31. Profit in the year-ago period stood at Rs 44.06 crore.
The stock opened 10 per cent higher at Rs 133.70 against the previous close of Rs 121.65 . The stock has gained 224 per cent in one year and risen 45 per cent since the beginning of this year. Orient Cements share stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages. Market cap of the firm rose to Rs 2,584.42 crore.
Revenue from operations grew 27 per cent to Rs 831.6 crore in the last quarter against Rs 654.5 crore a year ago.
For FY21, revenue from operations declined 4.03 per cent to Rs 2,324.08 crore from Rs 2,421.79 crore in the previous year. Net profit stood at Rs 214.18 crore against Rs 86.58 crore in the previous year.
Total expenses stood at Rs 680.8 crore for the quarter ended March 31, up 15 per cent against Rs 592.2 crore.
"On account of an outbreak of Covid-19 pandemic and consequent lockdown imposed by the Government, the manufacturing facilities of the company were temporarily shut down during the start of the current year. These facilities were opened in a phased manner in April and May 2020 as the lockdown conditions were relaxed," the company said.
"Accordingly, the sales volume of the current year is impacted, although cement demand has been progressively recovering over the year with improved prices. As at the year-end, the country is again witnessing a surge in Covid-19 cases referred to as the second wave of the pandemic," it added.
Also, the board has recommended a final dividend of 1.50 per share on equity shares of 1 each of the company. The company has paid an interim dividend of Rs 0.50 per equity share.
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