India: Shree Cement's profit in the quarter that ended on 30 June 2015 fell by 62.5% year-on-year to US$16.3m, but its overall earnings beat expectations due to strong growth in its power business.
Its revenue grew by 4% to US$270m and its operating profit fell by 18.7% year-on-year to US$55.9m. Its results were affected by 8.2% higher power and fuel costs, 26% higher freight and forwarding expenses and a 55% depreciation cost. The cement business grew by 1.7% to US$238m, while its earnings before interest and taxes (EBIT) was a US$7.46m loss. Overall performance was supported by its power business, which contributes 23% to total revenue.