Economy & Market
Century to invest Rs 2,408 cr to up cement production
Century Textiles and Industries is to expand its cement production capacity by 4.3 million tonne at an investment of Rs 2,408 crore.
Managing Director of the company Kumar Mangalam Birla on August 2 said that due to rise in input costs in the industries and slowdown in demand in most of business verticals affected the company's profit. However, with rapid infrastructure development and urbanisation, the company expect its cement vertical to grow after the monsoon, he added.
The company is in line with its expansion plan in the cement vertical. Its capacity expansion is for 4.3 million tonne taking the total capacity to 12.8 million tonne at an investment of Rs 2,408 crore, he said.
The company expects the cement demand to grow by 8-9 per cent this fiscal from 6.5 per cent last year, he added. Century posted 89.92 per cent fall in net profit for quarter ended June 30, at Rs 2.41 crore compared to Rs 23.90 crore for the same quarter in the previous year.
The company's total income increased by 18.25 per cent at Rs 1,394.75 crore in the reported quarter compared Rs 1,179.51 crore for the corresponding quarter previous year.