Orient Cement's Q2 profit drops sharply by 90.5% to Rs 2.32 crore, with sales also declining. Adani Cement's acquisition of OCL impacts results.
Photograph: Rupak De Chowdhuri/Reuters
New Delhi, Nov 8 (PTI) CK Birla group firm Orient Cement Ltd on Friday reported a 90.5 per cent decline in net profit to Rs 2.32 crore for the second quarter ended September 2024.
The company reported a net profit of Rs 24.62 crore for the July-September quarter a year ago.
Its revenue from operations was down 24.5 per cent at Rs 544.02 crore during the quarter under review against Rs 720.57 crore in the corresponding period a year ago. Total expenses of OCL were at Rs 544.47 crore in the September quarter, down 20 per cent.
Last month Billionaire Gautam Adani-owned Adani Cement announced signing a binding agreement for the acquisition of OCL at a valuation of Rs 8,100 crore. Its step-down unit Ambuja Cements will acquire 46.8 per cent shares of OCL from its current promoters and certain public shareholders.
It has also announced an open offer to acquire 26 per cent from the market at a price band of Rs 395.40, which opens on December 16, 2024.
Shares of Orient Cement Ltd on Friday settled at Rs 336.90 on BSE, down 0.94 per cent from the previous close.
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