The Board of directors of Ramco Cements Ltd, has approved the proposal for buyback of equity shares for a price not exceeding Rs 720 per share from the shareholders of the company.
Ramco Cements’ standalone net profit for the third quarter ended December 31, 2016, rose by 28 per cent to Rs 152 crore from Rs 118 crore, due to improved off-take of cement. Total income increased from Rs 941 crore to Rs 1,111 crore.
The company continued to focus on cost-reduction measures and reducing operating costs significantly. During the year, Ramco Cements reduced its borrowings by around Rs 530 crore out of its internal accruals.
The company has also built up stocks of fuel with a view to protect it from the spiraling effect on pet coke prices.