Economy & Market
Century to invest Rs 2,408 crore 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.
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 expects its cement vertical to grow after the monsoon. The company is in line with its expansion plan in the cement vertical. Its capacity expansion is for Rs 4.3 million tonne taking the total capacity to Rs 12.8 million tonne at an investment of Rs 2,408 crore.
The company expects the cement demand to grow by 8-9 per cent this fiscal from 6.5 per cent last year. 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 period.