Orient Cement shares surge 10% after co posts two-fold jump in Q4 profit

NEW DELHI: Orient Cement shares soared 10 per cent in early deals on Tuesday after the company reported more than doubling of its net profit for the quarter ended March 31.

The CK Birla group firm reported a net profit of Rs 99.87 crore for the fourth quarter of the last financial year. It had posted a net profit of Rs 44.06 crore for the corresponding three-month period a year ago.

The scrip jumped as much as 9.91 per cent to Rs 133.70 apiece in morning trade before giving up most of those gains. Still, the stock outperformed the benchmark S&P BSE Sensex index, which was up 0.95 per cent.

The cement firm's stock has more than trebled from its 52-week low. It has given a 250 per cent return in the last one year. In the last six months alone, the counter has surged 90 per cent.

The company's revenue from operations rose 27.06 per cent to Rs 831.61 crore in the quarter under review as against Rs 654.52 crore in the year-ago period. Total expenses came in at Rs 680.83 crore in Q4, up 14.96 per cent on a year-on-year basis.

For the entire fiscal year 2020-21, its net profit more than doubled to Rs 214.18 crore, from Rs 86.58 crore in the previous year. However, its revenue from operations declined 4.03 per cent to Rs 2,324.08 crore from Rs 2,421.79 crore.